UK Death Duty

Inheritance Tax, but the concept of taxing inheritance is not a new one. The Romans taxed inheritance as a source of raising government revenue.

A death tax was first introduced in Britain in 1694 but the more modern framework dates from around 1780. Since 1894 death duties have mainly been in the form of estate duties, (property left at the time of death).

Contrary to popular belief the current form of inheritance tax although payable on death is not exclusively a death tax.

Any transfer of assets that causes a person or trust to have decreased value is potential subject to an inheritance tax levy.

Hence modern day inheritance tax cannot be classed just as death duty.

Understanding death duty and inheritance tax can be a complicated area, our inheritance tax page should help you to understand the current situation and we have included an inheritance tax calculator to help you work out what inheritance tax maybe due from your estate on your death.

We are always happy to answer more specific questions so if you would like to reduce your inheritance tax liability or just better understand the implications please feel free to give us a call