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Taking stock

It's not just the wealthy who are caught in the inheritance tax trap, says Paul Parker

13 June 2013

An old adage affirms that there are two things a person can be certain of in life: death and taxes. Since the introduction of succession duty circa 1853, people have been expected to pay the government a proportion of their inheritance upon the death of the donor.

From its various guises over the preceding years, the current charge to inheritance tax (IHT) is levied on transfers of value from an estate to a beneficiary. It can be a very emotive subject to pay to the Inland Revenue more tax upon death after a lifetime of paying taxes to accumulate wealth within an estate.

But it's not just the ultra-wealthy who are subject to IHT. On death, anyone who leaves an estate worth over £325,000, including any gift or gifts made within seven years prior to death, can be subject to a charge. To be ex...

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