Inheritance Tax
If you want to bequeath your wealth to your children when you die, bear in mind that they may be subject to inheritance taxes. In the U.K. on a person's death, his or her property is, potentially, liable to inheritance tax. If inheritance tax is payable, the rate of tax is currently 40%. There are, however, certain exemptions and reliefs that can reduce the amount of inheritance tax owed. If you want to mitigate against inheritance tax, putting your money in certain trusts can help reduce the burden. Inheritance tax is known as death duty or estate tax in some countries. In India, there is no inheritance tax, but stamp duty is payable on the transfer of property by inheritance.
