inheritance tax
(IHT) A tax on transfers of capital made on or after 18 March 1986. Unlike capital transfer tax (CTT), which preceded it, IHT is designed to operate primarily as a tax on transfers that occur on death. The charge to IHT is levied on the transfer of value, this being any disposition by which the value of a person’s estate is reduced. The tax also charges retrospectively gifts made during the seven years prior to death. Some assets attract relief, which is 100% in the case of farmland generally or of a business. Some classes of gifts, such as gifts between spouses and gifts to charities, are totally exempt from IHT. Other classes of gift are liable to IHT if the transferor dies within seven years of making the gift; these are known as potentially exempt transfers.
No inheritance tax is charged on transfers within the “nil rate band”, which is increased for a transfer of a deceased’s main residence to a descendant.
https://www.gov.uk/topic/personal-tax/inheritance-tax
• Inheritance tax area of the GOV.UK website
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