Inheritance tax is imposed by IHTA 1984.2 For present purposes, it is sufficient to mention the liability at death and the principal exemptions and reliefs. Further details are to be found in revenue textbooks.3

‘Inheritance tax’ is in some ways a misleading name. The tax is payable on ‘transfers of value’ made by an individual4. Some transfers are chargeable, some are exempt and others are potentially exempt. A transfer of value can be made during a person’s lifetime, as well as on death. Inheritance tax is charged on death because the deceased is deemed to have made a transfer of value of equal to the value of his estate immediately before death.5

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