What is Inheritance Tax
What Is Inheritance Tax? Dead or Alive:
Contrary to popular belief, inheritance tax is not a tax payable on death, it is a tax payable when you transfer ownership of assets from one to another.
This means inheritance tax is not only payable when you transfer assets on death, it can also be payable when you transfer or give assets to another person or a trust when you are alive.
Tax paid on death
Inheritance Tax, commonly known as IHT, is a tax charged on the value of an individual's assets, such as property, personal possessions, savings and investments upon their death.
Tax paid when alive
Inheritance tax also applies to certain gifts that a person may have made during their lifetime, called Chargeable Lifetime Transfer.
It can also include any share of assets that the deceased person owned jointly.
Request expert inheritance tax advice today or buy your own tax planning pack in the Money Shop.
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