What is uk inheritance tax?

Question

regards

Answer 1

It is a polite term for death tax.  When you die, it is the tax paid on your estate if it's value is above £312,000.  It does not apply if your estate is passed to your wife, husband or civil partner.  There are ways to mitigate it through trusts etc, but the government is slowly trying to close the loopholes.  You can also make gifts during your lifetime to help avoid some of the tax.  The current rate is 40%.