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Inheritance Tax
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Is Inheritance Tax charged on the full amount of say �300,00 or just the balance over & above the tax free allowance
Thanks in advance
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For more on marking an answer as the "Best Answer", please visit our FAQ.IHT is only charged on the amount above the threshold. (In your example of an estate of �300,000, and with the current threshold of �275,000, IHT would be 40% of �25,000 =�10,000).
http://www.hmrc.gov.uk/cto/customerguide/page2.htm
Chris
http://www.hmrc.gov.uk/cto/customerguide/page2.htm
Chris