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Inheritance Tax: Essential Information

Inheritance Tax: Essential Information

One of the things people are most concerned about with regards to the legacy they leave their loved ones is tax efficiency. Whilst leaving inherited wealth completely untaxed would surely exacerbate social inequalities, there’s no reason that you should not be as savvy as possible in terms of the estate you leave behind you and how it is inherited. As long as you are compliant with the law, you should take measures to ensure that your loved ones will receive as much of the capital you leave behind as possible. Once the inheritance tax threshed kicks in, the flat rate that applies is, at 40%, pretty steep. Of course, when it comes to avoiding this tax, things are largely dependent on you who are intending to leave the money to. If you would be bestowing it all upon your spouse then you’ve no need to worry as married partners are entirely exempt form having to pay tax on estates inherited from each other. If, as the majority of people...

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