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KembaraXtra – Legal Terms – Inheritance Tax
Inheritance tax (IHT) is a tax charged on the transfer of wealth following death and, in certain cases, on lifetime gifts. It applies to the value of an estate above a specified threshold, with exemptions for spouses and charities.
The tax aims to reduce wealth concentration and prevent avoidance through lifetime transfers. Complex rules govern exemptions, reliefs, and potentially exempt transfers, making inheritance tax planning a significant area of legal and financial advice.
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