Inheritance Tax was introduced in 1986 replacing Capital Transfer Tax. It is a tax payable by a person, usually a family member who inherits the Estate (money or property) of a person who has died. The tax is only payable if the value of the Estate exceeds a certain amount.

There are however, ways to reduce this liability which would ensure your beneficiaries receive what’s rightfully theirs. There have been some recent changes which have relaxed the rules; unfortunately many people are still caught out by this tax. It is assumed by most people that this tax only affects those who are very wealthy. However those with fairly moderate wealth should also be aware of their options.