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You have to be claiming £1M £500k before you start paying inheritance tax for a direct family member. Remembering most of the time any value that is bequeathed is shared, it is easy to see why only 5% pay inheritance tax. There will be a lot more above those who simply dodge it by going offshore. Restrictions need tightening on inheritance tax not removing imo. Offshoring property needs to be banned outright.
EDIT amount was wrong. It is £1m that you can claim if you are married. £500k for direct family and £375k for everyone else.
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That can’t be right I’ve paid inheritance tax on my parents earnings and it definitely wasn’t 1 million pounds. I’d have noticed.
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