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Taxopedia  ›  E  ›  Estate
E · Glossary

Estate

A person's assets and liabilities at death — subject to Inheritance Tax above £325k.

An estate is the total of a person's assets and liabilities at death. UK Inheritance Tax (IHT) at 40% applies to estates over £325,000 (the "nil-rate band"), with a further £175,000 residence nil-rate band where qualifying.

Related terms

Inheritance Tax (IHT)UK tax on estates over £325,000 — 40% on the excess.ProbateLegal authority to administer a deceased person's estate.

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