| 单词 | inheritance tax |
| 释义 | inheritance tax inheritance tax(IHT) A tax introduced in the Budget of 1986. Inheritance tax is chargeable on the death of an individual domiciled in the UK on all property, wherever it is situated. A non-UK domiciled individual is charged on death to inheritance tax on all UK property. In order to prevent too obvious avoidance, inheritance tax is also charged retrospectively on certain lifetime gifts. Some classes of gifts, such as those between husbands and wives, are totally exempt (seeexempt transfers). Others are liable to tax if the transferor should die within seven years of making the gift; these are known as potentially exempt transfers. The threshold at which inheritance tax takes effect is currently (2016–17) £325,000. Since April 2008 it has been possible to transfer the allowance of the first spouse or civil partner to die to the surviving partner, effectively raising the current threshold to £650,000. From April 2017 there will be an additional allowance for a main family home, the intention being to raise the total threshold to £500,000 (for an individual) by 2020. No tax is payable if the cumulative total of all chargeable transfers is less than the threshold. Above this amount, tax is payable on the excess at a single rate of 40%. https://www.gov.uk/inheritance-tax/overview • A guide to inheritance tax from the Gov.uk website |
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