The taxman has been taking death duties in one form or another since 1692. In its earliest form, inheritance tax (IHT) was known as probate duty, a tax on personal property passed on in wills.
The modern IHT emerged in 1894, when the government of the time brought in estate duty to clear a ÂŁ4 million government debt. Since then, death duties have proven to be a valuable income stream for the government.
Carl Drummond, wealth planner at Sanlam UK, shared five ways to cut a potential IHT bill.
- Spend, spend, spend - If you want to cut your inheritance tax bill, shrink your estate. â...
