Inheritance Tax is payable on:
There are a number of exemptions and reliefs that, if optimized, can reduce the amount of tax payable, perhaps significantly.
As with all types of direct taxation, husband, wife and civil partners are all treated as separate individuals.
Inheritance Tax is administered by the inheritance tax offices of HMRC in England and Scotland, to whom all Returns, Accounts and payments of tax should be submitted.
Some of the aspects of the tax, particularly those relating to agricultural and business property as well as transfers into Trusts, are complex. Therefore, what follows is a summary of the main areas ...