O'Reilly logo

Inheritance Tax Made Simple by Andrew Komarnyckyj

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Introduction

Inheritance tax was introduced by the Inheritance Tax Act 1984, which came into effect in 1986. It replaced a similar tax regime known as Capital Transfer Tax, which itself was the successor tax to Estate Duty.

It could be argued that inheritance tax is not a tax of any great importance to the UK economy. The tax take it delivers is low in comparison with some other taxes, and it amounts to a very small proportion of the overall tax take. For instance, in the year 2009-10, inheritance tax raised £2,396 million. This sounds impressive until other taxes are considered – income tax raised £144,881 million; National Insurance Contributions (NICs) raised £95,519 million.

The overall tax take in the UK (including NICs) in 2009-2010 ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required