What is the death duty?
Asked on Dec 29 2012,
General in Luton |
Death duty, known more commonly these days as inherticance tax, is a payment that you may have to make on a house that has been left to you in a will by a friend or relative, although not everyone has to pay it. However, it is still worth checking if you should be paying.
Most estates are actually not eligible to need to pay inheritance tax, largely because they are not over the threshold. In 2012 to 2013, the HMRC has said that only those who inherit an estate which has a value of more than £325,000 need pay this levy to the government.
For those who will need to make this payment, the rate is currently at 40 per cent for all values above the threshold. To check and find out more information on the inheritance tax, you should have a look at the HMRC website, which can give more information.
Answered on Dec 31 2012,
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