{"id":347,"date":"2009-08-17T12:23:27","date_gmt":"2009-08-17T11:23:27","guid":{"rendered":"http:\/\/esmartproducts.co.uk\/?p=347"},"modified":"2009-08-17T12:23:27","modified_gmt":"2009-08-17T11:23:27","slug":"inheritance-tax-glossary%e2%80%a6-the-basics","status":"publish","type":"post","link":"https:\/\/www.suretyfp.com\/wordpress\/?p=347","title":{"rendered":"Inheritance tax glossary\u2026 the basics"},"content":{"rendered":"<p><strong>Assets <\/strong>Generally, everything that you own.<br \/>\nBeneficiary A person, or organisation, to whom you leave a gift in your will.<br \/>\n<!--more--><br \/>\n<strong>Estate <\/strong>The total sum of your possessions, including property and money, left at your death once any debts have been paid.<\/p>\n<p><strong>Inheritance tax (IHT) <\/strong>The 40 per cent tax paid on an estate that is over the nil-rate band threshold. The current 2009\/10 threshold is \u00a3325,000 for an individual. Married couples or those in a civil partnership have a combined threshold of \u00a3650,000.<\/p>\n<p><strong>Intestate <\/strong>The term for someone dying without having a Will in place. In this case the Rules of Intestacy will decide to whom your estate is passed.<\/p>\n<p><strong>Nil rate band <\/strong>The amount of your estate on which IHT is not payable. For the tax year 2009\/10 this is \u00a3325,000, and for married couples or those in a civil partnership \u00a3650,000.<\/p>\n<p><strong>Potentially exempt transfer<\/strong> A gift made during one\u2019s lifetime that is exempt from IHT should the donor live for 7 years after making the gift.<\/p>\n<p><strong>Trust<\/strong> An arrangement you can make in your will to administer part of your assets after your death.<br \/>\nWill A form of instruction as to how someone wishes to dispose of their assets on death.<\/p>\n<p><em>Tax benefits may vary as a result of statutory change and their value will depend on individual circumstances. Thresholds, percentage rates and tax legislation may change in subsequent finance acts.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Assets Generally, everything that you own. Beneficiary A person, or organisation, to whom you leave a gift in your will.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[124,202,212,439],"_links":{"self":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/347"}],"collection":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=347"}],"version-history":[{"count":0,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/347\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.suretyfp.com\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}