30/08/2026
When planning for the future, many families in Somerset wonder about inheritance tax and how it might affect what they leave behind. At Acorn Solicitors, we regularly help clients navigate this complex area of law, so we've put together this straightforward guide to explain the basics.
What is Inheritance Tax?
Inheritance tax is charged on the total value of everything you own when you die, minus what you owe. This includes your home, savings, investments, personal belongings, and your share of any jointly owned assets. From this total, you subtract debts like mortgages, loans, credit cards, and funeral costs to arrive at your net estate value.
When Does Inheritance Tax Apply?
The good news is that many estates won't pay inheritance tax at all. The standard rate is 40% on estates above certain thresholds, but several important exemptions apply first.
When planning for the future, many families in Somerset wonder about inheritance tax and how it might affect what they leave behind. At Acorn Solicitors, we reg