“They may reflect changing asset values or exemptions and tax reliefs being allowed. The increase in the number of repayments could also reflect changes in HMRC administrative processes.”
But IHT can be complex, and it is important for Britons to understand how the tax system works.
Ms Neale added: “Broadly speaking, IHT is designed and administered so that where assets are realised by the executors within a reasonable period of death IHT is charged on the sale price, rather than the value at death.
“This is because for many asset classes, such as property, valuation is an art and not a science and their value is a matter of opinion and negotiation.
But there are strict rules on continuing to live in a property after it is given away.
Rent must be paid to the new owner at the going rate for similar local rental properties, a person must pay their share of the bills, and must also live in the property for at least seven years, the government has explained.
Many people are unaware of such rules and their loved ones may be in for a nasty shock when it comes to a tax bill later down the line.
Ms Roche acknowledged people’s motivations to take such action are often varied.
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Inheritance tax is charged on the estate of a person who has passed away and currently stands at 40 percent above a certain threshold. Undoubtedly, with the impacts of the pandemic, government spending has soared, and some have suggested a rise to Inheritance Tax alongside other levies is necessary. While such a rise may not be popular, it could be imperative to help the country raise money and get back on track.
| UPDATED: 22:50, Tue, Dec 15, 2020
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PIP is designed to provide financial support to individuals who are reckoning with ill-health or a disability. The payments are issued once every four weeks to those who are eligible, and split into two tiers - daily living and mobility payments, with the amount a person receives dependent on how their condition affect them. Those who are new to receiving PIP will often have to wait for a period of time to have their claim processed before they can receive the sum to which they are entitled.
| UPDATED: 13:36, Tue, Dec 15, 2020
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According to new research from TSB, Britons are intending to be cautious when it comes to spending this Christmas in an effort to avoid going into debt. The bank has found the majority of UK households may aim to stay in the black by using their income to fund Christmas (62 percent), rather than taking on debt.