UK inheritance tax (IHT) is a tax on gifts (see UK1.3.4).
Most lifetime transfers are not immediately chargeable, and will be ignored if the transferor survives seven years. However, some gifts are chargeable immediately (such as setting up a trust) and are charged at 20% (IHTA 1984, s 7(2)). This is set at half of the death rate.
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Web page updated on 17 Mar 2025 13:23