What is inheritance tax?Wed Jul 12 11:17:00 BST 2017 Back to results
For Aegon Ireland policies only
Inheritance tax (IHT) is a UK tax on assets and value transferred in life and on death. There are various exemptions and reliefs. IHT is payable on transfers over the 'nil rate band' (currently £325,000 for lifetime transfers). The rate of tax is 20% for lifetime transfers and 40% for transfers on death.
We've a range of trusts designed for IHT mitigation. We recommend that you discuss this with a financial adviser.
Trusts establish legal rights and entitlements and might have material financial and tax implications for the settlor, trustees and beneficiaries. Aegon Ireland isn’t authorised to provide legal advice, so you should take your own legal advice before setting up a trust, to make sure that it meets your requirements. Our trusts have been drafted for use by UK domiciled individuals.
All references to taxation are based on our understanding of current taxation law and practice in the United Kingdom and Ireland, which may change.