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Inheritance Tax is a tax charged on the estate of a person who has died. It applies when the estate exceeds the current nil-rate band threshold and is payable before assets are distributed.
Legal Reference:
Governed by the Inheritance Tax Act 1984.
Responsibility for calculating and paying IHT lies with the executor or administrator of the estate.
Sources:
Wikipedia – https://en.wikipedia.org/wiki/Inheritance_tax
Wikidata – https://www.wikidata.org/wiki/Q628413
Knowledge Graph – https://www.google.com/search?kgmid=/m/0f7frx
DBpedia – http://dbpedia.org/resource/Inheritance_tax
Product Ontology – http://www.productontology.org/id/Inheritance_tax
