The UK Inheritance Tax System
The term “Inheritance Tax” (IHT) became part of the UK tax vocabulary in 1986. However, the concept of taxing estates is much older. The first instances of paying an probate duty originate in the late 15th Century.
Today, IHT affects around 3% of estates; or the equivalent of 26,337 deaths in 2013/14.
IHT is an emotive subject and has had a contentious history. Objectors argue that it represents a ‘tax on tax’ in that it is charged on wealth which has already been subject to Income Tax.
The Fry Group has a dedicated Estate Planning team who work with clients to help ensure that they have a tax-efficient Will in place which can help to lessen or remove any IHT charges. For more information about IHT please explore our What Is Inheritance Tax page or download our FREE IHT Guide.