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Introduction The realm of inheritance tax is set to undergo notable alterations as the Labour Party unveils its new proposals aimed at redefining how family wealth is transferred in the UK. With discussions about fairness and accessibility becoming increasingly relevant, the proposed changes to inheritance tax could significantly impact families across the nation. Understanding these…
Introduction to Inheritance Tax Inheritance Tax (IHT) is a legal duty payable on the estate of an individual who has died, representing a significant consideration for taxpayers in the UK. With increasing property values and complex financial portfolios, understanding IHT is crucial to effective estate planning. As of the 2023 Tax Year, estate owners and…
Understanding Inheritance Tax Inheritance tax (IHT) is a critical financial issue affecting many individuals in the United Kingdom. As property values climb and the economy fluctuates, understanding IHT has never been more essential. The tax comes into play when an individual passes away, and their estate’s total value exceeds a specific threshold, known as the…