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Mondaq Business Briefing -Farrer & CoUnited Kingdom - A Basic Guide to Inheritance Tax for UK Individuals.
(From Mondaq.com)
Article by Christopher Belcher and Julia Richards
Introduction
Inheritance Tax (IHT) was introduced in 1986 and replaced Capital Transfer Tax which had been in force since 1975. For the tax year 2001/2002 Inland Revenue statistics show an estimated receipt of GBP2.4 billion in IHT. Whilst this only represents 1.6% of total revenue, IHT still clearly provides a useful source of income for the Treasury and rumours of radical review so far remain rumours. So how is IHT levied?
The term "Inheritance Tax" is rather misleading, since it is not simply a tax on death, but on any chargeable "transfer of value", which includes ...
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