The Inheritance Tax Act 1984

The Inheritance Tax Act 1984 is a UK law that governs the taxation of assets transferred upon someone's death. It sets rules for calculating and applying inheritance tax (IHT), which is a tax on the estate's value exceeding certain thresholds. The Act provides exemptions, reliefs, and planning opportunities to reduce the tax liability, such as transferring assets to spouses or charities. Its aim is to regulate the transfer of wealth, ensuring proper taxation while allowing individuals to plan their estates efficiently. Overall, it establishes the legal framework for assessing and collecting inheritance tax in the UK.