With a simple internet search, you can find out the inheritance tax thresholds in many other countries. And before more time goes by, you will probably have to acquire new assets, so it's important to know what inheritance taxes you'll pay when they arise.
The threshold increases incrementally for each subsequent generation up to a maximum of £1 million in the fifth generation. If someone dies with an estate above this limit, their heirs will have to pay an inheritance tax on the excess. You can also get an expert advice on inheritance tax planning and trusts in London online.
There are a variety of inheritance tax thresholds that vary depending on the circumstances of your individual case. Generally, estate duty is payable on the total value of all inherited property, not just the value above the threshold. There are also additional thresholds based on whether you are married or not married, whether you have children or not children, and how much UK national insurance earnings you have.
There are several reasons why an increase to the inheritance tax threshold is necessary. Firstly, the current threshold means that too many families are being forced to sell properties worth millions of pounds in order to avoid paying taxes on their inheritances. This has led to a decrease in house prices and consequently an increase in inequality.
Secondly, there is evidence that low levels of taxation on inheritances lead to increased wealth inequality within societies and increased social mobility for those from wealthier backgrounds. Finally, research has shown that raising the inheritance tax threshold would create millions of jobs in Britain due to an increase in spending on property and services related to Inheritance Tax avoidance.