Inheritance tax is a tax paid by a person or family who inherits something from a person who has died. The heir pays them after the death of the specific person who gave them property or property.If you want to get knowledge about the inheritance tax you are at the right place.
There is often a misconception that inheritance tax and property tax are the same. However, this does not occur because inheritance tax is not imposed on all inheritance; It is paid only on the property transferred as an inheritance. However, in some countries, such as the UK, the two are not very different from one another. Inheritance tax is also known as the death tax.
Inheritance tax applies to everything that is part of an inheritance. This can include property, jewelry, collectibles, and even intangible assets such as investments and life insurance. In the UK this tax is imposed on the inheritance of £ 325,000 or more. In the event of death, the surviving family is immediately subject to inheritance tax because they are the owners of the property. In addition, the dying person can name the recipient in his will, who then becomes responsible.
In some cases, a person is exempt from paying inheritance tax. If British citizens have lived abroad for more than three years during the twenty-year tax period, they will not be responsible for paying this tax. If the asset is located abroad, no tax is levied on the asset.