| UPDATED: 21:54, Thu, Jan 14, 2021
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Inheritance tax is payable on the estate - the money, property and possessions - of a person who has passed away. It is set at 40 percent above a certain threshold, which usually stands at £325,000. However, as government spending has increased within the last year to fund the fallout of the ongoing COVID-19 crisis, there has been speculation as to whether taxes will rise.