COMPLICATED inheritance tax laws will be broken down into simple bite-sized chunks at a special event for people curious about the controversial tax and how it affects them.

Tax specialist Alex Dent from Cumbria and Scotland-based accountancy firm Saint & Co will deliver an ‘Inheritance Tax for Beginners’ session at the Auctioneer in Carlisle in February.

Couples or individuals wondering if the government is in line to take 40% of their estate when they die will discover if – and how – they and their families might be affected.

The various types of inheritance tax reliefs will also be explored – along with ways in which efficient planning can reduce tax burdens.

Alex, who is a partner at Saint & Co, said: “We get asked about inheritance tax frequently – which is not surprising as it is a complex subject with many nuances.

“Essentially, people want to know if everything they have worked so hard for over their lives will be subject to inheritance tax and if so, how much.

“The next question is always whether they can do anything to plan for the future and mitigate any of the tax liability that their spouses or children may be left with.

“We will run through these questions and others at our event next month, which forms part of our Mini Bite series. The session is open to everyone whether they are a client of Saint & Co or not and we look forward to giving all guests a very warm welcome.”

Inheritance tax is levied at a rate of 40% on estates exceeding £325,000 in value. There is a supplementary allowance of £175,000 for a residence, but only if it’s passed to children or grandchildren.

Spouses have the option to combine their allowances, effectively raising the threshold to £1 million for married couples. This arrangement enables them to pass on up to £1 million without incurring any inheritance tax.

The tax generates in the region of £7 billion a year for the public purse.

The Inheritance Tax For Beginners event will be held at The Auctioneer on the Rosehill Industrial Estate, Carlisle, between 11.45am and 2pm on Tuesday February 20. A hot lunch will be served.

Attendance is free, but tickets must be booked via Eventbrite by following this link

A second event on the more advanced elements of inheritance tax and tax planning will be held on Thursday, March 14. Further details and information on how to book will be released in due course.