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When you consider that in the event of your death, anything you leave your loved ones over the pension & insurance allowance is charged at max%, it is a lot of money for the taxman. The current allowance differ for 2020/21 tax year. It's worth saying at this point that when calculating the value of your estate, it includes your house, car, savings, valuables etc., so please don't fall into the trap of thinking inheritance tax doesn't affect you. However, through careful planning that's tailored to your individual needs, you can mitigate inheritance tax, and in some cases avoid it altogether. For example, by arranging investments into trust, using life policies or changing your will, to name just a few, there are a number of potential means of reducing any tax bill.
Reportedly, a budget strategy paper to be presented to the Cabinet on April 30, 2019 will propose additional taxes of Rs 600 billion (1.7% of GDP). This is high, even by IMF standards, and it calls for government to distribute its burden fairly on wealthy and poor citizens. To this end, this article proposes a tax, narrowly targeted on the super-rich, that could yield up to Rs160b (0.4% of GDP) in revenues, taking up a significant share of the burden.
On death, the ITT would be charged at 40% on the value above the tax-free threshold (proposed at Rs100m, compared to Rs60m equivalent in UK), after excluding exempt assets (like a family residence) and deducting specified reliefs (like on charitable bequests). The tax would apply equally to discretionary and mandatory shares under Islamic wills. Payment would be due six months after death. Most estates would have sufficient liquid (or liquidatable) assets to satisfy the full tax which may be due, but an option could be provided to pay in 10 annual instalments.
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