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Inheritance Tax in the United Kingdom

Index Inheritance Tax in the United Kingdom

In the United Kingdom, Inheritance Tax is a transfer tax. [1]

38 relations: Arm's length principle, Asset-based egalitarianism, Capital (economics), Civil partnership in the United Kingdom, Consanguinity, Consumer Price Index (United Kingdom), Disclaimer of interest, Discretionary trust, European Court of Human Rights, Finance Act 2004, Gerald Grosvenor, 6th Duke of Westminster, Good faith, History of the English fiscal system, Income tax, Inheritance, Inheritance tax, Jeremy Corbyn, Legitime, Lineal descendant, Middle class, Nil rate band, Plutocracy, Pre-owned asset tax, Premiership of Margaret Thatcher, Probate, Queen Elizabeth The Queen Mother, Scottish Widows, Settlement (trust), Society of Trust and Estate Practitioners, Stamp duty in the United Kingdom, The Guardian, The London Gazette, Transfer tax, Trust law, Trustee Act 1925, Ultra high-net-worth individual, United Kingdom, Widow.

Arm's length principle

The arm's length principle (ALP) is the condition or the fact that the parties to a transaction are independent and on an equal footing.

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Asset-based egalitarianism

Asset-based egalitarianism is a form of egalitarianism which theorises that equality is possible by a redistribution of resources, usually in the form of a capital grant provided at the age of majority.

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Capital (economics)

In economics, capital consists of an asset that can enhance one's power to perform economically useful work.

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Civil partnership in the United Kingdom

Civil partnerships in the United Kingdom are a form of civil union granted under the Civil Partnership Act 2004, allowing same-sex couples to obtain essentially the same rights and responsibilities as civil marriage.

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Consanguinity

Consanguinity ("blood relation", from the Latin consanguinitas) is the property of being from the same kinship as another person.

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Consumer Price Index (United Kingdom)

The Consumer Price Index (CPI) is the official measure of inflation of consumer prices of the United Kingdom.

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Disclaimer of interest

In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust.

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Discretionary trust

A discretionary trust, in the trust law of England, Australia, Canada and other common law jurisdictions, is a trust where the beneficiaries and/or their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor.

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European Court of Human Rights

The European Court of Human Rights (ECHR or ECtHR; Cour européenne des droits de l’homme) is a supranational or international court established by the European Convention on Human Rights.

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Finance Act 2004

The Finance Act 2004 (c 12) is an Act of the Parliament of the United Kingdom.

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Gerald Grosvenor, 6th Duke of Westminster

Major General Gerald Cavendish Grosvenor, 6th Duke of Westminster, (22 December 1951 – 9 August 2016) was a British landowner, businessman, philanthropist, Territorial Army general and hereditary peer.

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Good faith

Good faith (bona fides), in human interactions, is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction.

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History of the English fiscal system

The history of the English fiscal system affords the best known example of continuous financial development in terms of both institutions and methods.

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Income tax

An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income).

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Inheritance

Inheritance is the practice of passing on property, titles, debts, rights, and obligations upon the death of an individual.

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Inheritance tax

A tax paid by a person who inherits money or property or a levy on the estate (money and property) of a person who has died.

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Jeremy Corbyn

Jeremy Bernard Corbyn (born 26 May 1949).

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Legitime

In Civil law and Roman law, the legitime (legitima portio), also known as a forced share or legal right share, of a decedent's estate is that portion of the estate from which he cannot disinherit his children, or his parents, without sufficient legal cause.

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Lineal descendant

A lineal descendant, in legal usage, is a blood relative in the direct line of descent – the children, grandchildren, great-grandchildren, etc.

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Middle class

The middle class is a class of people in the middle of a social hierarchy.

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Nil rate band

The nil-rate band is the value of an estate that is not subject to Inheritance Tax in the United Kingdom.

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Plutocracy

A plutocracy (πλοῦτος,, 'wealth' + κράτος,, 'rule') or plutarchy is a society that is ruled or controlled by people of great wealth or income.

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Pre-owned asset tax

In the United Kingdom, Her Majesty's Revenue and Customs acted against certain inheritance tax (IHT) avoidance schemes by imposing a standalone income tax charge.

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Premiership of Margaret Thatcher

Margaret Thatcher served as Prime Minister of the United Kingdom from May 1979 to November 1990.

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Probate

Probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence of the deceased at time of death in the absence of a legal will.

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Queen Elizabeth The Queen Mother

Elizabeth Angela Marguerite Bowes-Lyon (4 August 1900 – 30 March 2002) was the wife of King George VI and the mother of Queen Elizabeth II and Princess Margaret, Countess of Snowdon.

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Scottish Widows

Scottish Widows is a life insurance and pensions company located in Edinburgh, Scotland, and is a subsidiary of Lloyds Banking Group.

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Settlement (trust)

A settlement in trusts law is a deed (also called a trust instrument) whereby real estate, land, or other property is given by a settlor into trust so that the beneficiary only has the limited right to the property (for example during their life), but usually has no right to transfer the land to another or leave it in their own will.

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Society of Trust and Estate Practitioners

STEP (the Society of Trust and Estate Practitioners) was founded by George Tasker in 1991 and is the international professional body for advisers who specialise in inheritance and succession planning.

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Stamp duty in the United Kingdom

Stamp duty in the United Kingdom is a form of tax charged on legal instruments (written documents), and historically required a physical stamp to be attached to or impressed upon the document in question.

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The Guardian

The Guardian is a British daily newspaper.

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The London Gazette

The London Gazette is one of the official journals of record of the British government, and the most important among such official journals in the United Kingdom, in which certain statutory notices are required to be published.

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Transfer tax

A transfer tax is a tax on the passing of title to property from one person (or entity) to another.

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Trust law

A trust is a three-party fiduciary relationship in which the first party, the trustor or settlor, transfers ("settles") a property (often but not necessarily a sum of money) upon the second party (the trustee) for the benefit of the third party, the beneficiary.

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Trustee Act 1925

Trustee Act 1925 is an Act of Parliament of the United Kingdom that codified and updated the regulation of trustees' powers and appointment.

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Ultra high-net-worth individual

Ultra high-net-worth individuals (UHNWI) are defined as having a net worth of at least US$30 million in constant 2018 dollars.

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United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed with some organisations, including the and preferring to use Britain as shorthand for Great Britain is a sovereign country in western Europe.

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Widow

A widow is a woman whose spouse has died and a widower is a man whose spouse has died.

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Redirects here:

Inheritance Tax (UK), Inheritance Tax (United Kingdom), Inheritance tax (United Kingdom), Inheritance tax in the United Kingdom, Potentially Exempt Transfer, UK inheritance tax.

References

[1] https://en.wikipedia.org/wiki/Inheritance_Tax_in_the_United_Kingdom

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