How Does Inheritance Tax Work?

Answer

Inheritance tax works as a payment done by the executor of an estate within seven years of death of the owner. For the tax to be due, the estate must be valued over the current Inheritance Tax threshold (£325,000 in 2010-11). The tax is payable at 40 per cent on the amount over this threshold.
Q&A Related to "How Does Inheritance Tax Work"
Inheritance taxes for the year 2008 don't have to be paid for amounts under 2,000,000 so it does not affect most Americans. For more information visit http://www.irs.gov/... and type
http://answers.ask.com/Business/Finance/what_is_th...
ome people confuse estate taxes and inheritance taxes, but estate taxes and inheritance taxes are actually very different. Estate taxes are levied by the federal government and are
http://www.life123.com/career-money/taxes/inherita...
1. Give your assets to your children now. This annual limit is currently £3,000 in the UK and $13,000 in the U.S. each year. Giving your assets to your children little by little
http://www.ehow.com/how_5127377_reduce-inheritance...
1 Determine the value of the taxable estate. The gross estate includes assets like cash, securities, annuities and the fair market value of real estate and businesses. A taxable inheritance
http://www.wikihow.com/Avoid-Inheritance-Tax
Explore this Topic
The state of Minnesota does not have an inheritance tax. An inheritance tax is a tax that needs to be paid when a person inherits something after another person ...
The State of Texas does not have an inheritance or an estate tax. Only 11 states do have one in place. It is still a good idea to consult a probate attorney to ...
The State of Texas does not have an inheritance or an estate tax. Only 11 states do have one in place. It is still a good idea to consult a probate attorney to ...
About -  Privacy -  AskEraser  -  Careers -  Ask Blog -  Mobile -  Help -  Feedback © 2014 Ask.com