Introductory tax guides

This subtopic contains introductory guides to the main taxes and tax concepts which are relevant for Private Client practitioners. Previously referred to as Quick Tax Guides, each guide is intended to be an introduction to the key aspects of a particular tax and its applications, as well as compliance aspects.

Inheritance tax (IHT)

The most common incidence of IHT is on the deemed transfer of value that takes place on a person's death. IHT may also be payable on certain lifetime transactions (such as transfers into trust). For a long term resident individual (prior to 6 April 2025, a UK domiciled individual), IHT is payable on worldwide assets (with credit for tax paid overseas), whereas an individual who is not a long term resident (or a non-UK domiciled individual prior to 6 April 2025) will, in general and subject to exceptions, only pay tax on assets situated in the UK. The concept of long term residence is critical to the scope of IHT.

There are a variety of reliefs and exemptions from IHT, including business property relief, agricultural property relief, normal expenditure out of surplus income, quick succession

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