Inheritance tax (IHT) is a tax payable on the value of any assets or property that you leave. There are many rules surrounding IHT and in what circumstances it should be paid. We would advise you to talk to a solicitor about the possible implications of IHT on your estate.

You may be interested to know that gifts to charities are exempt from IHT and can in some cases even lower the rate of IHT on your estate. For example, due to government law changes in 2012, people who leaves at least 10% of their wealth to charity will have any inheritance tax bill reduced from 40% to 36%.