Summary
BLESSED are the meek, for they shall inherit the earth if that's okay with the rest of you. So runs the old joke. But for the meek taxpayer, Gordon Brown has other ideas. Inheritance tax (IHT) is a hefty 40pc on estates above Pounds 285,000.
As house prices rise, more and more people are caught. Say your elderly mother has a house worth Pounds 600,000 and investments of Pounds 100,000. When she dies, you inherit Pounds 700,000 minus a tax bill for 40pc of Pounds 415,000 (Pounds 700,000 less Pounds 285,000).See the full content of this document
Extract
Take Aim to Beat Tax Trap
That is a bill for Pounds 166,000, payable by the estate's executor within six months of death. If you were living in the house, you would have to sell all the investments and fi...
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