Facts To Know About Inheritance Tax In UK
If you have to tell someone about the word "inheritance tax," they will likely be able to explain what the term means and maybe even roughly explain the basic idea behind it. But how much do you know about current laws that mandate inheritance taxes? The answer is quite possibly: not as much as it should be. While inheritance taxes by no means affect everyone in Great Britain, they are often felt by those who value them.
The Inheritance Tax (IHT) has recently come to public attention through a series of media articles about the two sisters and their struggle against IHT. Joyce and Sybil Burden, aged 90 and 82, lost an appeal to the European Court of Human Rights and asked the court to rule that they were released from IHT as living siblings. They did this to ensure that when one of them died, the other sisters did not have to sell the Wiltshire apartment they had shared for decades to pay inheritance taxes. You can also get the best inheritance tax advisers in the UK via deVere Spain.
The Weights brothers have written to the Chancellor of the Treasury every year since 1976 asking him to be treated like a married couple concerning IHT. It wasn't until 2004 that they started their legal battle. They do this because the civil partnership has become legal and they believe they can use the discrimination laws to gain equal status.
The Civil Partnership Act gives gay and lesbian couples the same legal rights as married couples, and this includes the legal status they gain about inheritance taxes that are not granted to family members. This means, if the nurses involved are not linked, they can have a civil partnership and no IHT will be paid if one of the nurses dies. However, because they were connected, they couldn't.
