If I’m married, would I exempt from IHT? Only if you leave your entire estate to your partner but your partner might be subject to tax. By not planning, you could still lose a large chunk of your wealth.
Will I have to pay IHT on my home? In 2015, the government introduced a law that allows main residences with values up to £1m to be IHT-free.
How is my estate valued? In essence, by deducting the value of your liabilities from the value of your taxable assets.
Who pays the IHT? Usually the estate of the deceased pays the tax, but sometimes it’s the beneficiaries. Some people take out insurance to pay IHT.