Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has passed away.
Typically, there is no Inheritance Tax to pay if either the value of your estate is below £325,000, or you leave your estate that is higher than the £325,000 threshold to your spouse, civil partner, a charity or amateur sports club.
If you give your estate away to your children, your threshold can increase to £500,000.
To help educate advisers about Business Property Relief, IFA/GBI Magazine has published the Tax Efficient Investment Research Report 2024.
