Jurisdiction(s):
United Kingdom

Key definition

Inheritance tax definition

What does Inheritance tax mean? Inheritance tax describes the taxation of wealth transfers on death and, in defined cases, on lifetime gifts and trust transfers. In the UK (England & Wales, Scotland and Northern Ireland), Inheritance Tax is a statutory regime under the Inheritance Tax Act 1984, charged at rates up to 40% on transfers of value. It is usually payable from the deceased’s estate by personal representatives. Lifetime charges arise on chargeable lifetime transfers (typically gifts into most trusts) and where a donor dies within seven years of a potentially exempt transfer. Key features include the nil-rate band and, where conditions are met,...

HMRC Liechtenstein Disclosure Facility (LDF) 2009–2015—UK voluntary offshore tax disclosure: eligibility, benefits, deadlines, calculation methods and penalties (Archived)

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Practice notes

ARCHIVED : This Practice Note has been archived and is not maintained.

The Liechtenstein Disclosure Facility (LDF) was a voluntary route for disclosure that covered all principal taxes, including, but not limited to, income tax, corporation tax, PAYE, capital gains tax, VAT and inheritance tax. Launched in September 2009, it was initially intended to run until 2015, then extended to 5 April 2016, before the end date was brought forward to 31 December 2015. The LDF was open to all UK taxpayers, including individuals, executors, trustees, partnerships and companies. While directed at those with UK tax liabilities connected to Liechtenstein, taxpayers without an existing link could bring themselves within scope by, for example, opening a bank account in the jurisdiction. It enabled disclosure of tax irregularities for the ten years prior to April 2009 and allowed settlement on favourable terms, alongside a guarantee against prosecution, save in exceptional circumstances. The remainder of this Practice Note provides a summary of the terms of the LDF...

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Web page updated on 21/05/2026

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