Martin Lewis has pointed out the "gross unfairness" of the current child benefit system.
08.01.2024 - 13:25 / manchestereveningnews.co.uk
There has been a growing buzz over inheritance tax in the UK with the next Budget looming.
Many people may have never encountered inheritance tax if they've never lost a loved one who has left them a significant amount of assets. However, in some cases, a person's estate can be taxed by up to 40 per cent - the standard rate.
While many may be worried that the money or other assets they plan to leave their loved ones when they pass will be heavily taxed, it's important to note that it may be exempt in many cases.
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Money-saving expert Martin Lewis explained all the criteria that would exempt someone's estate from being caught up in inheritance tax through his social media account. Talking on x, formerly Twitter, he explained that only 4 per cent of estates pay inheritance tax.
If you are legally married then you are exempt from inheritance tax. It's important to stress the 'legally married' part of this as it only applies to those married under British law or in a civil partnership.
Martin explains: "If you leave things to your husband or wife, there is no inheritance tax to pay. Now that definition is strict, married partner or civil partner, not someone you're cohabiting with.
"Even if you've lived together for 20 years and have 184 kids. You do not get the exemption."
If a loved one's assets are worth under £325,00 then no inheritance tax needs to be paid. This includes the culmination of nay properties and possessions as well as hard cash.
Martin added: "You do not pay inheritance tax on the first £325,000 you leave to other people. So if your assets are worth less than £325,000 in total, there's no inheritance tax to pay."
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Martin Lewis has pointed out the "gross unfairness" of the current child benefit system.
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