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How is inheritance tax calculated?

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How is inheritance tax calculated?

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Inheritance tax is calculated in two ways. On death the value of the estate is totaled up, liabilities are taken off, certain non-taxable assests are excluded, and inheritance tax is then levied on the balance, and the tax rate is 40%.

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Inheritance Tax only applies if the taxable value of the deceased estate (including their share of any jointly owned assets and assets held in some types of trusts) when they die is above £312,000 (2008-2009 tax year). It is only payable on the excess above this nil rate band and is charged at 40%. Our Inheritance Tax Solicitors will assist you in valuing the estate and calculating Inheritance Tax payable.

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R.S. 47:2403 provides for the inheritance tax rates, which are based on the heir or legatee’s relationship to the decedent, less the exemptions provided by R.S. 47:2402.

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Each heir or legatee receives an exemption which is subtracted from their inheritance or legacy in determining the amount taxable. The amount taxable is then multiplied by the applicable tax rates established by law. The exemption and tax rates to which each heir or legatee is entitled is based upon their relationship to the decedent.