A working-age single homeowner in England with an average-priced home of £290,395 and a moderate pension pot of £415,000 could face an IHT bill of £82,158, according to calculations from Quilter.
Here, The i Paper takes a look at how inheritance tax in the UK compares with other countries.
How IHT is applied
Other countries tax the recipients.
Fifteen countries surveyed by the OECD applied progressive rates – a rate that increases as the taxable amount increases.
In Belgium, the rate is up to 80 per cent.
Other countries treat gifts before death differently from inheritances and implemented tax-free thresholds.
This is longer than in other countries that have similar restrictions, which are typically applicable for one to three years.
Exemption amount and rates
Among OECD countries, only Italy and the US have higher exemption thresholds.
By contrast, in Belgium, 48 per cent of inheritances attracted taxes, the OECD found.
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Revenues are substantially higher than in the US or Ireland but less than half of the amounts raised by Belgium, France and South Korea.
Italy and the US have reduced the scope or rate of the tax, while in Germany substantial new reliefs were introduced.
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