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Inheritance tax is charged on your estate at
death at 40% of all assets over £245,000.
There is no tax on gifts so you can, in theory,
give away your assets and thus avoid inheritance
tax.
However if you die within seven years of giving
away your assets then inheritance tax is charged
retrospectively, although at a reduced rate if
your death occurred between three and seven
years after the transfer of the asset in
question.
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