BBC Sounds, Music, Radio Podcasts.

Hello, you're about to listen to a BBC podcast, and I'm Ed Gamble, host of another BBC podcast, The Traitors Uncloaked.

But my show is available only on BBC Sounds, just like Ellis and John's Saturday bonus episodes,

The Pop Top Ten podcast with Scott Mills and Rylan, and comedy specials

from the likes of Harriet Kemsley, Susie Ruffle and Rommashranganathan. However, and maybe I'm biased,

it's really all about the traitors uncoaked. So for a whole bunch of exclusive scoops and podcasts,

listen only on BBC Sounds. Hello, in today's Moneybox Live podcast, we're looking at a topic you email us about a lot.

Inheritance tax. It's sometimes called the death tax and it's money paid by the estate of someone once they die.

As long as the total value of all their property, possessions, cash and soon pensions are worth more than a fixed threshold set by the government.

It can be very unpopular.

It's like you're thinking, have we all worked to then give them a massive tax bill?

Really? Is that what I've been doing?

But the latest figures from the government show fewer than one in 20 estates actually paid it in the financial year beginning 2022.

So what is going on? Why are so many people worried?

Here to answer as many of your questions as possible are today's experts.

I'm joined by Claire Moffitt Pension and Tax Specialist at the Mutual Life Pensions and Investment Company, Royal London.

And with me in the studio is Nina Sparing, Weath, Wealth Protection Solicitor

and partner at the law firm Price Slater. Go on. Hello. Hello. Good to have you both

with us. Before we get into people's questions and all the complications, let's make sure we've got

the basics right. Claire, how much is inheritance tax and who pays it? Okay, so everybody has something that's called the Nill Rate Band and that's

$325,000 and inheritance tax will only be charged once they're over that.

Now, if you're passing property onto direct descendants, so that's children or grandchildren,

...