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A guide to inheritance tax and tax planning
In principle, the value of an individual's estate on death (together with the value of any gifts made in the previous seven years) is subject to Inheritance Tax (“IHT”) at the rate of 40%. In practice, there are a number of exemptions and reliefs from IHT which mean that, by sensible planning, IHT payable on the value of assets at death and lifetime gifts can be greatly reduced.
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