England, Wales
A tax on transfers of value (transfer of value). It is primarily a charge on death, on the value of an individual's estate as at the date of their death, over and above a certain allowance called the nil rate band. The rate of tax on death is 40%.
It may also be payable in lifetime, when assets are given to a relevant property trust or to a company. The rate of tax in lifetime is 20%.
In addition to the nil rate band, there are a number of exemptions, allowances and reliefs that may reduce the amount of IHT payable further.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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