The use of inheritance tax as a tool for redistribution of wealth to address income inequality has been discussed widely. Over the years, India abolished estate duty, wealth tax, and gift tax
Sam Pitroda s discussion on inheritance tax in India sparks a debate on fair wealth distribution and the utilization of public welfare resources. Now, let s delve into inheritance tax laws and the countries that enforce them.
The basic allowance of £325,000 is still in place, but since 2015 the Government introduced the ‘residence nil rate band’ - more commonly known as, the ‘main residence’ band. This is an additional allowance – worth up to £175,000 from this financial year – that you receive on top of the £325,000 already granted in the ‘nil-rate band’. In laymen’s terms, this means that your direct descendants will not have to pay any inheritance tax on the first £500,000 of your estate.
“Importantly, if you are a beneficiary and are working with a probate genealogist, then you must remember that the fee for a probate genealogist is always paid on the conclusion of the estate administration. Any probate genealogist requesting direct payment before this should not be trusted.