What is an IHT Reference Number? | A Complete Guide
Inheritance Tax (IHT) is a tax levied on the estate of a deceased person before their assets are passed on to their beneficiaries. In the UK, this tax is typically charged at 40% on the value of an estate that exceeds the threshold of £325,000 (as of 2024). The threshold can increase under certain conditions, such as when the estate includes a home left to children or grandchildren, potentially raising the allowance to £500,000 (GOV.UK).