Inheritance tax is a proportional payment of a person's assets paid back to the government once they have passed away. It’s a complicated topic, as there are exemptions and varying rates according to personal circumstances. For law students and legal secretaries, there’s a number of factors that you must take into account when advising an individual on their inheritance tax requirements.
Many people want to try and reduce their tax liability as much as possible. Providing accurate advice during a client’s will-writing process and advice to relatives after a death can help with this. To help you begin to grasp the ins and outs, we’ve created a short guide to how inheritance tax (IHT) works.