UK inheritance tax can drastically diminish the amount beneficiaries will receive upon your death. Edward Reed explains how to keep your assets in the family
UK inheritance tax (IHT), at a headline rate of 40%, can be a heavy burden on a family following a death. But if you’re married or in a registered civil partnership with a same-sex partner, you can ensure that your family does not pay more tax than necessary, looked at globally after both deaths. All it takes is some straightforward, co-ordinated planning in your respective wills. This assumes a standard textbook situation and gives a basic sketch of how some routine tricks can save the family money. Separate notes take a more detailed look at the broader spectrum of IHT and the allied concept of domicile, as well as the intestacy rules.
