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Understanding inheritance tax (IHT) calculations is crucial for anyone looking to manage their estate efficiently in the UK. This guide breaks down the essentials of IHT, from its definition and liability to the specifics of thresholds, rates, deductions, and reliefs. By providing a clear, numerical example, we aim to simplify the calculation process.
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Inheritance Tax (IHT) in the UK might seem daunting, but it's a pivotal aspect of financial planning for many. It's a tax on the estate of a deceased person, including all their assets, property, and certain gifts made during their lifetime.
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The significance of IHT, coupled with the importance of early planning, cannot be overstated. By engaging in proactive measures, individuals can significantly reduce, or in some cases, completely avoid the IHT liability on their estates, ensuring that their assets are distributed according to their wishes and not consumed by taxes.
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Note: This page is for information purposes only and should not be considered as financial advice. Always consult an Independent Financial Adviser for personalised financial advice tailored to your individual circumstances.