Case Study: Britain
On the other hand, in the United Kingdom, The inheritance tax is at 40% currently. But the exemption limit of this tax is only £325,000. This limit is quite low. The average people and the upper-middle-class people would need to pay this tax.
Although, it does have another exemption, that if a husband transfers his property to his wife, they wouldn’t have to pay this tax then. And as for children and grandchildren, if they are inheriting the property, then they have a higher exemption limit at £500,000. The revenue from the inheritance, gift and estate taxes in the UK, is slightly more than that of the US, as a percentage of total tax revenue. But it is also around 0.6% to 0.7%.
