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Examination Timing: 00H00M16S
Mr. Johnson passed away, leaving an estate valued at £500,000. His estate is subject to Inheritance Tax (IHT). What is the standard rate of Inheritance Tax that will apply to Mr. Johnson’s estate above the nil-rate band?
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The standard rate of Inheritance Tax (IHT) in the UK is 40% on the value of the estate above the nil-rate band, which is currently £325,000. Therefore, Mr. Johnson’s estate above this threshold will be taxed at 40%.
Key Point: The standard rate of Inheritance Tax in the UK is 40% on the value of the estate above the nil-rate band threshold.
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