How high are inheritance taxes in United Kingdom ?
A UK-domiciled individual is liable to Inheritance Tax (IHT) on his worldwide properties which he gives (in the case of lifetime gifts) or leaves (in the case of inheritance) to his beneficiaries whereas, a non-UK-domiciled individual is liable to this tax only on his properties situated in the UK. IHT is payable on transfers made by an individual when he dies or within seven years (lifetime transfers) before it. Lifetime transfers are cumulated (only those that were transferred within seven years before the transferors death), and the resulting taxable transfers up to the IHT threshold are tax-free. The threshold for 2008-2009 is 312,000 (390,000). Transfers in excess of this threshold are taxed at 40%. Both UK-domiciled and non-UK-domiciled individuals may avail of certain exemptions and reliefs.
