What is the inheritance tax rate?
An example of an AI chatbot conversation about inheritance tax rates and regulations.
What is the inheritance tax rate in the UK?
The inheritance tax rate in the UK is typically 40% on estates valued over £325,000.
Are there any exemptions or reliefs available?
Yes, there are exemptions such as the nil-rate band and reliefs for business and agricultural property.
How can I reduce my inheritance tax liability?
You can reduce your liability through gifts, trusts, and making use of annual exemptions.
What happens if the estate is below the threshold?
If the estate is below the threshold, no inheritance tax is due.
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