Understanding Inheritance Tax in the UK: A Comprehensive Guide
Inheritance tax (IHT) is a financial topic that often creates confusion and concern among individuals and families in the United Kingdom. It is a tax levied on the value of an individual's estate (property, possessions, and money) when they pass away. In this comprehensive guide, we will explore what inheritance tax, how it works, who is affected, exemptions, and strategies to mitigate its impact.