Inheritance tax
Inheritance tax is a form of tax levied upon the bequests[?] that a person may make in their will to a living person or organisation. If a bequest is made to a charitable organisation, most countries do not apply the tax.In the United Kingdom, all estates[?] of a deceased person below some £250,000 are not liable to tax. However, as the estate of a deceased person includes all of their worldly belongings, such as houses and the like, many people can fall foul of this tax.
In order to avoid the tax, many people with large estates will practice some or all of the following avoidance measures:
- The giving of money in a trust fund before death.
- The giving of money before death (subject to a maximum before tax applies of some £5000 a year)
- Transferring assets to a spouse
Special rules, set forth
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