Inheritance Tax is charged at 40% on the value of your estate above certain allowances. Many people unintentionally fall into the IHT net due to rising property values.

Key allowances include:

• Nil-Rate Band: £325,000
• Residence Nil-Rate Band: up to £175,000 (if passing a home to direct descendants)
• Spousal Transfers: Can pass the estate tax-free to a spouse or civil partner

A review can help identify whether your estate is likely to face an IHT bill and what planning options may be available to reduce or cover it.

This article is for general information only and not personal advice. Consult a professional for your situation.