What is Inheritance tax​?

What is Inheritance Tax (IHT)? – Meaning 🏠 Thresholds & Allowances (2025) 📊 How IHT Works (Example) 🎁 Lifetime Gifts and the “7-Year Rule” 💼 Reliefs 🔑 2025 Budget Changes to IHT 💷 Who Pays the Tax? 📈 IHT Receipts & Impact