What are the current inheritance tax rates?
An example of an AI chatbot conversation about inheritance tax rates and their implications.
What are the current inheritance tax rates in the UK?
In the UK, the standard inheritance tax rate is 40% on estates valued over £325,000. There are some exemptions and reliefs available.
Are there any exemptions for spouses or civil partners?
Yes, assets passed to a spouse or civil partner are exempt from inheritance tax, regardless of the value.
What about gifts made before death? Do they count towards the inheritance tax?
Yes, gifts made within seven years of death may be subject to inheritance tax, depending on their value and the total estate.
How can I reduce my inheritance tax liability?
You can reduce your inheritance tax liability through various means, such as making use of annual gift allowances, setting up trusts, or taking advantage of reliefs.
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