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"Inheritance Tax' is a tax on the estate (the property, money and possessions) of someone who has died. There is normally no inheritance tax to pay if either, the value of your estate is below the £325,000 threshold; you leave everything to your spouse or civil partner, a charity or amateur sports club."
If you’re giving away your home to your children or grandchildren (including adopted, foster and step-children), you may qualify for the residence nil-rate band, meaning you'll gain an additional threshold before IHT becomes due on your estate. This is a further;£125,000 in 2018/19
£150,000 in 2019/20
£175,000 in 2020/21
It will then increase in line with the Consumer Price Index (CPI) from 2021/22 onwards.
The amount is added onto the standard nil-rate band; for instance, in 2018/19, your inheritance tax threshold may be £450,000 (£325,000 + £125,000), but it will only apply up to the value of your property.
If you are married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to you partner's threshold when you die. This means their threshold can be as much at £900,000.
Inheritance tax rate is 40%.
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