Currently, Inheritance Tax must be paid if the entire value of someone’s assets exceeds £325,000, with the levy charged only on the part above this cut-off.
This threshold increases by an additional £175,000 allowance per person if an individual is leaving their main home to children or grandchildren.
There are things people can do now to make sure their loved ones pay less in tax when they pass away.
Chartered financial planner and founder of Green Wealth Planning, Makala Green, says now is the time for Britons to ensure their affairs are in order.
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