Summary
This is one of many myths about inheritance tax. Only about 4 per cent of estates in the UK pay it at all. Spouses, farms and family businesses are exempt and, after debts and funeral expenses, 263,000 can be passed on without bothering the taxman. The owner of an average home in south-east England needs around 58,000 of savings to reach the tax threshold; m Scotland, he or she needs 178,000. It is easily forgotten that the tax is levied only on the money beyond the threshold.
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Extract
A Just Tax On the Dead
Inheritance tax is threatened. In America, President Bush's tax cuts include the repeal of all estate taxes by 2010. Inheritance tax has fallen also in Australia...
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