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The basic information on inheritance tax can be summarised as follows:
- Inheritance tax is a matter of increasing concern for more and more UK homeowners, as rising house prices push them into the band of estate worth that is subject to taxation.
- Inheritance tax is levied after death on the estate of the recently deceased.
- The first £312,000 in value of the estate is exempt from the tax.
- Value in excess of this is taxed at a 40% rate.
- There are many conditions and exemptions that can help reduce the taxable worth of the estate, such as annual gift exemptions and potentially exempt transfers.
- Gifts made within the seven years leading up to death can be considered as part of the estate for taxation purposes, so it is worthwhile to get professional information on inheritance tax to help minimise the impact of this on your assets.