Brian Murphy highlights key questions your clients will have about inheritance tax.
1. How much actual tax does inheritance tax (IHT) generate? The total IHT receipts for 2010/11 (the last year for which accurate records are available) was approximately £2.7bn. This represents less than 1% of the total tax take from all taxes. So IHT is not a massive revenue earner for the government, but it is a tax that often generates a great deal of emotion from those who realise that their estates will have to pay it when they die. 2. What will IHT be charged on? If the client is a UK domiciled person, IHT will be chargeable on their worldwide estate, which would include prop...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes