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Category: Inheritance Tax

Does The Royal Family Pay Inheritance Tax?

Understanding Inheritance Tax Inheritance tax is a levy paid on the estate (property, money, and possessions) of someone who has died. In the United Kingdom, this tax plays a crucial role in the country’s tax system, designed to redistribute wealth and contribute to public finances. Typically, inheritance tax is charged at 40% on estates valued […]
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How to Avoid Inheritance Tax on Property?

Inheritance tax often looms large in discussions about estate planning, especially when it involves property. This tax can significantly affect the value of the property that is passed on to the next generation. Understanding and employing legal strategies to minimize or avoid hefty inheritance taxes is crucial. In this article, we’ll aim to guide you […]
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How Much Is Gift Tax on 1 Million Pounds?

Gift tax, as it’s commonly referred to, doesn’t exist in the UK in the same way it does in some other countries. However, understanding the implications of gifting large sums, like 1 million pounds, is crucial in the context of Inheritance Tax (IHT). Here’s what you need to know about how such a gift could […]
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What Is the 7 Year Rule In Inheritance Tax?

Inheritance tax in the UK can be a complex matter, with various rules and stipulations that dictate how much tax is owed after someone’s death. One key aspect of this tax system is the 7-year rule, a regulation that can significantly impact the amount of inheritance tax payable. What is the 7 Year Rule in […]
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IHT Valuations of Assets and Estates

IHT or inheritance tax is calculated on the net estate value at the time of death. Your estate is evaluated at the total amount of your assets minus the liabilities.  You will need to value your assets much before your death to ensure you don’t pay much in taxes and your beneficiaries get the maximum […]
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