Both revenue collection and taxation are common practices. Governments collect taxes from citizens to provide law, order, education, and health services. Tax money is essential for the development of a country. Tax money is the lifeblood of government.
Citizens are legally required to pay taxes on time. You can also search online to get expert advice on inheritance tax planning and trusts in London.
For tax evasion, one can face years in prison while others will be subject to heavy fines. The United Kingdom's government imposes many taxes upon its citizens. Inheritance tax is one of these taxes, which isn't available in other countries. There are many questions about inheritance tax collection and how complex it is.
The UK's inheritance tax is levied on those who inherit property, monetary, or house assets with a total value greater than $3.225,000.
Inheritance tax is levied on assets that are left to the immediate family members of a person who has died. An individual who is dying can nominate any person to become a beneficiary or sole proprietor of the property. This can be done through a will that identifies the property shares as well as administrative duties.
Exempt from inheritance tax are those who have lived in the UK for longer than three years during 20 years. British citizens who have assets abroad are exempted from inheritance tax An individual who transfers the property to another person within seven years of his death is exempt from inheritance tax