Inheritance Tax – Broad Summary

Inheritance Tax (IHT) is payable on certain lifetime chargeable transfers (namely transfers to trusts) and on death. On death, it is the duty of the deceased’s Executors (providing the deceased had a Will) to collate the assets in the deceased’s estate and prepare probate papers to enable the Executors to act and to pay any IHT due on the value of the deceased’s estate.

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