What is inheritance tax, who pays it and will it change?
Source: BBC
Anyone can give away up to £3,000 a year, and pay no tax. This is known as the annual exemption. If unused, this allowance can be carried over to the following year, up to a maximum of £6,000. In addition, if you can show that the gift was funded out of income - as opposed to savings - you will not pay inheritance tax. There are also allowances for wedding gifts.However, if someone gives a bigger sum, then dies…
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