Inheritance Tax (IHT) was first introduced in the UK in 1986. It is the successor to the capital transfer tax (CTT), integrated lifetime transfers and property taxes. You can also find the best property tax through the internet.
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Inheritance tax is the tax paid on your "inheritance". In general, this is all you had at the time of your death minus what you owed. Sometimes it is also due to assets that you may have distributed throughout your life. Assets include things like property, money and investments.
Not everyone pays death inheritance tax, and with careful planning, no one has to pay it at all.
There are also a number of exemptions that allow you to transfer an amount (for life or at your disposal) without inheritance tax, for example:
o If your inheritance is given to your spouse or housemate and you both live in the UK, no inheritance tax will be payable, even if the amount is above the £ 300,000 threshold
o Some other gifts, such as wedding favors and civic partnership gifts of up to £ 5000 (depending on donor-recipient relationship), charity gifts and £ 3000 distributed annually are also not included
Many people do not realize that their family can become a heavy inheritance tax burden when they die. Tax liabilities must be paid and settled within six months after the death of the person before the property can be released. For many people, this means family members take out loans to pay for inheritance taxes.