Inheritance Tax 2011
In the event of a person passing away, inheritance tax for 2011 is payable on any qualifying assets making up the estate of that person that amount to more than the 2011 inheritance tax threshold of £325,000.
Counted towards the value of the deceased's estate may include any gifts that were made within the last seven years as well as capital, investments, some assets held in trust, property. Any qualifying assets over the 2011 inheritance tax threshold are taxable at 40%.
Inheritance tax 2011- how it might affect you
Although you will not be directly affected by inheritance tax on your assets, it can give you peace of mind to know that those that you leave behind when you pass away can get the most out of your estate.
The 2011 inheritance tax threshold is likely to remain at the same level until 2014-15.
Managing your assets carefully in later years can help in reducing or avoiding inheritance tax. You may find it helpful to speak to a member of an independent inheritance tax planning advice team for impartial advice on your options when it comes to dealing with inheritance tax in 2011. Receive a free no obligation consultation.
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