"Only estates worth over £325,000 incur inheritance tax (IHT). Those passing assets to a spouse, civil partner, or charity pay nothing, emphasizing the tax's limited reach."
"In the 2021-22 tax year, only 4.39% of UK deaths resulted in an inheritance tax bill, revealing that IHT affects a small percentage of estates significantly."
"Average inheritance tax paid in 2021-22 was £215,000, heavily influenced by large estates, while those between £300,000 and £400,000 faced a mere £13,500 on average."
"The government collected £7.5 billion in inheritance tax for the 2023-24 financial year, underscoring its importance to public finances despite the exemptions and reliefs."
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