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Re: Inheritance Tax
Yes barrett, under the tories it was 40% on anything over £245K
As it is and in answer to Gayle,
There are ways to protect you depending on your personal circumstances. A GOOD solicitor/financial advisor can help you.
Basically some things I remember but may need to make sure they are still valid are things like, if both parents are living, they can create a tenants in common agreement where they each leave half their property to dependants(although there is protection so the surviving spouse can't be kicked out). As long as one outlives the other by 7 years they are traeted as seperate bequests and therefore would be subject to sperate 275K limits.
There are others but as I said, this is a VERY specialised area and you really need professional advice from someone who focuses in this area.
It all depends on just how much teh value of the estate that is going to be left is as to how far you persue this
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