| Commentary

39 Inheritance tax

| Commentary

39 Inheritance tax

When an individual dies, he is treated for inheritance tax purposes as having made a transfer of value immediately before his death. The value transferred is treated as equal to the value of his estate immediately before his death1. As with lifetime transfers2, the chargeable value of the estate may be reduced by various exemptions and reliefs, including a complete exemption for assets which pass to the deceased’s spouse or civil partner3, or which are given to charity4 and in addition, business assets included in the estate may qualify for business property relief.

Business property relief was discussed

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