FAQ: Who is affected by Inheritance Tax?

It is a commonly-held belief that only extremely wealthy people are affected by Inheritance Tax, but this is not the case.

As it currently stands, Inheritance Tax is not charged on the first £325,000 of a person’s estate. This is the total value of the assets they have at the time of death.

In 2020, the Inheritance Tax threshold will be increased to £1 million for married couples and civil partnerships, but if you are single, then the allowance is halved to £500,000. While this is still a large amount of money, it shows that the tax does not just apply to those with multi-million pound net worths.

*Figures correct as of January 2018

Needing some honest advice on inheritance tax? You can get in touch with Goodwins Family Law today to book an initial fixed fee consultation for a confidential discussion and we’ll be more than happy to help. Goodwins Family Law are located in Harrow, London, with on site amenities such as car parking and accessible from public transport links. Alternatively, if you are overseas we possess the capabilities to arrange a Skype call with you if it is more convenient.