| UPDATED: 22:07, Mon, Mar 8, 2021
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The Chancellor of the Exchequer Rishi Sunak has frozen a number of tax-free allowances for five years, with this move set to result in HMRC collecting an extra £985million in Inheritance Tax specifically.
| UPDATED: 21:30, Fri, Mar 5, 2021
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Inheritance tax (IHT) is levied on the estate of someone who has died and is passing on their assets, so long as their estate is valued at over £325,000. Valuing and managing an estate can be complex and as such, families can hire professionals to manage the estate on their behalf through the probate system.
| UPDATED: 14:03, Tue, Mar 2, 2021
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Inheritance tax is charged on a particular proportion of a person’s estate when they eventually pass away. It is likely to be the responsibility of those left behind to deal with the costs of the levy before they are able to receive an inheritance. But with an inheritance windfall being increasingly relied upon by many, Inheritance Tax and its rumoured changes, could present an issue.
INHERITANCE TAX is a levy on the estate - meaning the property, money, and possessions - of a person who has died. It s not something which will always apply, and in the cases that it does, some may be able to submit a reclaim.