Will I have to pay inheritance tax if I pass on my family home after my death?

If you own a property that you intend to pass on to your direct descendants, there are generous allowances that are designed to help you to do this tax free. Everyone has a tax free allowance of £325,000, but this increases to £500,000 per person, so £1 million for a couple, for passing on a property to a direct descendent such as a child or a grandchild. For further information on how this may work for you, please contact our wills team to make an appointment to speak to our specialists.