Changes to Inheritance Tax in the 2015 Budget

Inheritance Tax is charged on the transfer of property passing on death (chargeable transfers) subject to various exemptions and reliefs, notably for certain business and agricultural property. It is also levied on certain lifetime gifts. In the UK, death taxes were first introduced in 1796 to finance the war against Napoleon, but inheritance tax as we know it was implemented in 1986 and has gone through several changes since then. The current situation is that inheritance tax is not payable on the first £325,000 of your estate when you die.  It is then payable at 40% of everything above that
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