Inheritance Tax Planning: A Guide for Over 50s

Inheritance Tax (IHT) is charged at 40% on the value of your estate above the nil-rate band (£325,000). With a residence nil-rate band of £175,000, a couple can potentially pass on up to £1 million free of IHT — but planning is essential.

Key IHT Allowances

Practical Planning Steps

• Write a will — dying intestate can be very expensive for your family
• Make use of annual gift exemptions
• Consider a trust for assets above the nil-rate band
• Ensure your pension nominations are up to date (pensions are usually outside your estate)