Inheritance Tax is basically the tax your "estate" must pay on your assets when you die. It is a variable tax, and one of growing concern for more and more people. Certainly, it is no longer limited to the very wealthy.
1. What is Inheritance Tax?
It is the tax which must be paid don your estate when you die.
2, Are there any exemptions or reliefs?
Yes. See our page on 'basic planning'.
3. What exactly is my 'estate'?
In basic terms it can be though of as what you own, minus what you owe. However, there are various exclusions and inclusions, which rather complicate matters.
4. Who pays the inheritance tax?
Normally, a person formally nominated to handle the affairs of the deceased person.
5. When does it have to be paid?
Usually within 6 months of the end of the month in which the estate owner died.