The Basics of UK Inheritance Tax
Inheritance tax, also commonly referred to by the acronym IHT, is the name for a particular tax that is applied to certain estates upon an individual's death. Inheritance tax may also be applicable when assets are transferred into a trust or to a company or organization.
Inheritance tax is commonly 40% of the estate in question. Most individuals are not required to pay inheritance tax because they fall below the legal threshold as far as the value of their estate is concerned.
For the years 2006-2007 the threshold for UK inheritance tax is 285,000 pounds. This is only slightly higher than the threshold for the years previous.
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