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inheritance-tax.jpg?profile=RESIZE_710xFewer people should have to pay tax on gifts given just before death, under proposals for a major overhaul of the inheritance tax system.

At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40% must be paid.

The Office of Tax Simplification (OTS) has suggested that this deadline should change to five years.

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BBC News

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