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...inheritance tax...

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IHT is normally charged on a person's death but there are some circumstances whereby lifetime Inheritance Tax (IHT) may occur.

Most personal assets are taxable including houses (including holiday homes and properties for letting), cash, bank accounts, cars.

There is a nil rate band which for 2007/2008 is £300,000. IHT is then charged at 40%.

There are exemptions and reliefs which include the following :-

• The annual gift exemption, which is currently £3,000
• Gifts on marriage, currently £5,000 from parents, £2,500 from grandparents and £1,000 from any others
• Business asset relief.

Please contact Mead Turner & Co. Ltd. for further information.