When you die, your estate is valued to see if it is liable for
inheritance tax. The valuation will include the market value of
your home (not the value when you bought it). If your estate is
worth more than the threshold set by the Government, then the
amount over and above the threshold will be subject to inheritance
tax at 40%.
The inheritance tax threshold for the tax year 2011/12 is set at
£325,000. This is likely to rise year on year - so you need to be
aware of current figures.
Gifts left to your spouse, civil partner or to a charity are
free from tax, as the value of these is deducted from your estate
before inheritance tax is calculated.
So a gift to us could bring the total value of your estate below
the threshold - and avoid your estate being taxed altogether.
Of course, individual circumstances can affect wills and
inheritance tax. So it's always best to consult a solicitor about
the best tax-saving options for you.
Contact us
If you would like to talk in confidence about how to include a
gift in your Will to Parkinson's UK or would like further
information call Chris Brodrick on 020 7963 9344 or email legacies@parkinsons.org.uk
We understand that your Will is a private matter and will keep
anything discussed confidential and without obligation.