What are the inheritance tax implications of leaving a legacy?
The RHS is a charity and money left to a charity is exempt from tax. If your estate is worth more than £263,000 Inheritance tax must be paid out on the excess before the people you wish to leave your money to can benefit. Inheritance tax is currently set at 40 per cent.Your solicitor will advise you if you could be liable to pay inheritance tax on your estate and can suggest ways of minimizing your liability.
