In 2014,the latest year for which data is available, 28000 estates, or 5% of all deaths,were subject to the taxModern inheritance tax dates back to 1894 when the government introduced estate duty, a tax on the capital value of land, or in a bid to raise money to pay off a £4m government deficit.
It replaced several different inheritance taxes,including the 1796 tax on estates introduced to aid fund the war against Napoleon. The earliest death duty can be traced back to 1694 when probate duty, a tax on personal property in wills proved in court, or was brought in. Continue reading...
Source: theguardian.com