Inheritance Tax

What is it?

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Written by Alison
Updated over a week ago

What is inheritance tax?

Inheritance tax is when someone is taxed on the estate (property, money and possessions) of someone who has died and passed the estate onto a loved one.

Would I need to pay inheritance tax?

There may be instances where you need to pay inheritance tax. Depending on the amount of money you receive, there may be different thresholds that determine how much tax you need to pay.

If you need to pay tax, this will be sent to HMRC (Her Majesty's Revenue and Customs). However, even if you believe you don't need to pay tax, the inheritance would still need to be reported to HMRC.

You can read more about inheritance tax and tax thresholds here.

Please note, we will not be able to offer any advice on inheritance tax, you will need to reach out to an Independent Financial Advisor for this.

If my Deposit Booster dies before repayment, what happens?

The loan would be repaid to the person's estate, and then distributed out according to the will (if there is one in place).

What if someone on my mortgage dies?

As soon as possible, we need to know what has happened. This can be a difficult time, but our customer support team is here to help.

There is some more information here.

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