The present UK inheritance tax remains a controversial issue for taxpayers. Many of us believe that a person who has paid all taxes due on earnings during his or her lifetime, then the government is not entitled to collect the tax on the money another time after the deceased person dies.
This is the reason why this kind of tax is also referred to by the name "Double Tax" because the property is taxed twice. Due to the double tax, there are a lot of people who are filing an appeal against inheritance tax in court, so that they can get the government to eliminate the double tax. You can also know more about inheritance tax in the UK online.
In the event that someone's in the situation to receive an inheritance, they must be aware of the inheritance tax is what it is and the method of paying it. The person who inherits the property must determine if the tax due on the inheritance is subject to the Inheritance (Provision for Family and Dependants) Act 1975 as well as the Inheritance Tax Act of 1984.
The first step is to select the assets that you would like to hold in trust. Most Settlers opt to keep a smaller amount in the beginning, but as time passes, they include more assets. But, it is also possible to contribute a significant amount in the beginning, as death could happen at any time. You must name your trustees.
They are the ones who make how trust funds are distributed to beneficiaries. In many states you can be a trustee yourself, however, you must choose an independent trustee who is not part of your immediate and extended family.