Taxation and revenue collection is a universal phenomenon. Governments collect taxes from their citizens in order to provide law and order, education, and health facilities. Tax money is also used in the development of a country. Simply put, governments run on tax money and timely payment of taxes is a legal duty of the citizens. You can also get more information about inheritance tax at https://www.inheritance-tax.co.uk/.
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Any delay in this regard is a federal offense. In some countries, one can face years of hard labor in jail while others are imposed heavy fines on tax evasion. In the United Kingdom, the government imposes a number of taxes on its citizens. Inheritance tax is one of these taxes that are not present in some other countries. This phenomenon along with complexities involved in the collection of inheritance-tax has given rise to many questions.
Inheritance tax is not applicable to persons who lived out of the UK for a duration of more than three years during a 20-year tax period. Similarly, British people with overseas assets are not charged with any inheritance tax. If a person has transferred the property to a person, seven years before his death then the beneficiary will not be liable for paying any inheritance tax.
Otherwise, any person receiving property from a deceased person will have to pay inheritance tax. Life insurance policies for children are also exempt from deducting inheritance tax. Additionally, the transfer of assets to spouses and civil partners is also exempt from paying inheritance tax.
Inheritance tax has become an integral part of the UK legal and taxation system. Still, many people are not eager to adopt it fully and courts see a large number of cases related to inheritance law and its complications. The government is undertaking a reform process in this regard and changes are expected in the recent future.