Inheritance tax
is payable on your worldly goods after you have
died, or after your assets have been transferred
by way of gift to a discretionary trust. The rate
is 40 per cent on the net value of an estate or
gift, after a threshold of £285,000 (2006/2007)
up to which you will pay a nil rate. It affects
you only if your estate, including the value of
your home, is worth more than the exemption.
