WHAT IS INHERITANCE TAX AND HOW MUCH WILL I HAVE TO PAY?
This is a complicated matter and not something that can easily be covered in a Newsletter such as this. Simply put, if you leave an estate worth more than £312,000 then you pay Inheritance Tax on the excess over that sum at 40%. Thus if you leave £362,000 the excess over £312,000 is £50,000 and the tax would be £20,000 (£50,000 x 40%). However gifts to a surviving spouse or civil partner, or to charities such as the Hospice, are excluded from the effect of the Tax. If you think that your estate may be liable to Inheritance Tax and you wish to try and avoid or reduce the liability, you should seek the advice of your solicitor, accountant or financial adviser. If and when the time is right to make your Will please remember Wakefield Hospice. Your gift will help to ensure that we can continue to provide specialist care to those facing a life threatening illness.
