Individuals are charge inheritance tax on transfers of capital. It may be payable on certain lifetime gifts, on wealth at death, or certain transfers into and out of trusts and on certain transfers made by close companies.
UK individuals are chargeable to inheritance tax in respect of property anywhere in the world.
Spouses and civil partners are chargeable separately so that any exempts apply to each of them and each can make transfers free of tax up to a nil threshold.
Where a surviving spouse or civil partner dies a claim may be made for any part of the nil band unused on the death of the first spouse or civil partner to be added to the survivors own nil rate band on his or her death.
This is a specialist area of tax. If, after looking at the nil band rates, you believe the amount you will leave on death will exceed these you should take immediate tax advice. This will include the making of an appropriate will.
Please contact us for a fixed fee quote for this very important tax planning advice.