Death duties have been with us for centuries, in the guise of Estate Duty, Capital Transfer Tax and now Inheritance Tax (IHT). Irrespective of the name, the purpose has always been the same; to raise revenue from the estates of citizens.

Once considered a tax on the truly affluent, IHT now affects more estates than ever. It will undoubtedly come as a shock to many to discover that a large proportion of their wealth or estate, which includes all their assets including: the family home, investments, life assurance policies not in trust, and even old family heirlooms might actually have to be sold in order to meet the tax liability on death. It is not usually possible to sell assets until after a Grant of Representation, for example Probate, has been obtained and this is not normally possible until the IHT is paid. (more…)