| UPDATED: 15:23, Wed, Jan 20, 2021
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Inheritance tax is payable on the estate of someone who has passed away, and is set at 40 percent above a particular threshold. Generally, this threshold is set at £325,000, but can vary dependent on a person’s circumstances. For those who are left behind with a tax bill to meet, the burden can often be significant, and many will be looking for ways to reduce, or even eliminate their tax liabilities.