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Inheritance Tax

When you pass away if the total of your net assets exceed £325k, inheritance tax will apply at 40% for everything above the £325k, as of April 2009.
 
Certain exceptions apply, for example if you leave everything to your spouse or civil partner then there will no inheritance tax as spouses and civil partners are exempt form paying inheritance tax.
 
In addition if you leave everything above the nil rate band to charity there would be no inheritance tax to pay as charities are also exempt from paying inheritance tax.
 
As inheritance tax only applies on death it is most famously referred to as a "Death Tax"
 
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