A comprehensive overview of Inheritance Tax (IHT) in the UK, detailing the process for calculating liabilities both upon death and for lifetime transfers. The texts explain key concepts such as the Nil Rate Band (NRB) and the Residence Nil Rate Band (RNRB), which allow for a substantial portion of an estate to be tax-free, and outline the general IHT rate of 40%. Furthermore, the documents clarify crucial exemptions and reliefs, including those for transfers to spouses/civil partners and gifts to charities, as well as specialized reliefs like Business Property Relief (BPR) and Agricultural Property Relief (APR). A significant portion of the material differentiates between Potentially Exempt Transfers (PETs), which become chargeable if the donor dies within seven years (subject to Taper Relief), and immediately Chargeable Lifetime Transfers (CLTs), which are often gifts to trusts. Finally, the sources address the valuation of the estate, methods for funding IHT payments (such as the Direct Payment Scheme and annual installments), and the distinction between the incidence (legal liability) and burden (economic cost) of the tax.