Inheritance tax is only paid by around 7% of estates and couples can transfer £650k (or £1m in property) tax-free. Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. Inheritance Tax rates:The standard Inheritance Tax rate is 40%. Funds from your estate are used to pay Inheritance Tax to HM Revenue and Customs (HMRC). Let’s call inheritance tax what it really is: a death tax.

Source: The Times July 15, 2023 14:22 UTC