What is Inheritance Tax

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An overview of Inheritance Tax and how it works. • Thresholds, rules and allowances • https://www.gov.uk/inheritance-tax • How to value an estate for Inheritance Tax and report its value • https://www.gov.uk/valuing-estate-of-... • Applying for probate • https://www.gov.uk/applying-for-proba... • HMRC is the UK’s tax, payments and customs authority. We collect the money that pays for the UK’s public services and help families and individuals with targeted financial support. • You can use social media for help with general queries relating to any of HMRC’s products and services: • Twitter: / hmrccustomers • Facebook: / hmrc • 0:00 Introduction • 0:07 When would you normally not pay Inheritance tax? • 0:27 The value of the deceased person’s estate • 0:44 You’ll need to know about any money the deceased person owed • 0:57 The standard Inheritance Tax rate • 1:07 If the deceased owned their home • 1:31 When the estate is worth more that £2 million • 1:40 If the deceased home is passed on to their husband, wife or civil partner • 1:49 If the deceased estate doesn’t use up all it’s tax-free allowance • 2:06 Further help and support

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