Inheritance Tax in the UK – part 1: The tax that’s stuck in the noughties

Inheritance Tax in the UK – part 1: The tax that’s stuck in the noughties

Inheritance Tax (or ‘IHT’ for short) as we know it today was introduced in 1986 when Nigel Lawson was Chancellor of the Exchequer.  This replaced the earlier Capital Transfer Tax which itself replaced the previous Estate Duty regime in the UK. Arguably, IHT was originally designed as a tax to target wealthier families whose wealth was being transferred following death, and it is often cited as being one of the UK’s most hated taxes. [caption id=…