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You asked: How much inheritance tax (IHT) will I pay?
The level of inheritance tax your estate will pay will depend on the amount your estate is worth and the tax allowances in place at the time. The inheritance tax allowance will be £325,000 each tax year until 5 April 2021. From 6 April 2017 an additional nil rate band will apply to the deceased’s main residence as long as it is left to a direct descendant.The maximum available amount of the RNRB will increase yearly: £100,000 in April 2017, £125,000 in April 2018, £150,000 in April 2019 and £175,000 in April 2020.Your estate will normally pay tax on anything above that at 40%.
Please see our page on Inheritance Tax planning for more information. Please be aware that tax treatment depends on your individual circumstances. This information is based on our understanding of current tax legislation and may be subject to change in future.
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