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A valuable inheritance
KEY POINTS
- Inheritance tax is charged on the value transferred under a ‘lifetime transfer’ or ‘transfer at death’.
- Most lifetime transfers will be potentially exempt transfers.
- A chargeable lifetime transfer is subject to inheritance tax immediately at 20%.
- Non-UK assets held by a non-domiciled individual are excluded property.
- Several exemptions and reliefs can reduce inheritance tax liability.
- At a distressing time financial matters are not uppermost in relatives’ minds but simple planning can make a significant difference to inheritance tax liabilities.
Most tax professionals are familiar with the ‘death and taxes’ quote although many wrongly attribute its origin to Benjamin Franklin as opposed to Daniel Defoe writing in 1726 in The Political History of the Devil. Even then that was apparently preceded (caveat Wikipedia)...
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