What is inheritance tax?
What is inheritance tax and is it likely to affect me?
It has been said that the only certainties in life are “death and taxes”. That’s not to say however that all taxes are mandatory. Inheritance tax has been described as the only voluntary tax.
HMRC netted £5.2 billion in inheritance tax receipts in the tax year 2017/18. Up from £1bn in 1993. Currently 4% of UK estates pay inheritance tax.
Each person has a nil rate band (NRB) of £325,000. Transfers between spouses and civil partners are free from inheritance tax and a married couple/ civil partners can combine their allowances to leave £650,000 free from inheritance tax on second death.
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