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What’s it worth?
Key points
- Inheritance tax evolved from other taxes on death in a piecemeal way.
- Business property relief and agricultural property relief reviews should take account of the capital-intensive nature of business which may span generations. Limiting it could cause damage.
- IHT continues to impact those it was never intended to.
Benjamin Franklin famously said: ‘In this world nothing can be said to be certain except death and taxes.’ There are some taxes that are inextricably linked to death and this article will focus on one of those taxes inheritance tax.
Origins of inheritance tax
Inheritance tax has a complex history and can trace its origins to estate duty which became part of legislation in 1894. It was created to try and rationalise the ad hoc system of five separate death duties that had come into existence over a period of many years. The existing system was...
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