Inheritance tax is a tax on your assets that belong to you when you die.. The first step to estate planning is to make a Will and keep it up to date.. Gift at least 10% of the value of your estate in your Will and reduce the amount of inheritance tax paid to. Trusts are complicated and must be set up carefully.
Benjamin Franklin famously stated that ‘nothing is certain but death and taxes’. While the former is still unavoidable, careful financial planning can substantially reduce the inheritance tax (IHT) on your estate when you die. A useful way to do this is by making gifts – from your capital or from income.
Keeping it in the family; careful planning can reduce or even eliminate the Inheritance Tax payable. Inter-generational planning helps you put financial measures in place to benefit your children later in life, and possibly even your future grandchildren, so it’s important to start planning early.
However, with careful planning, you can reduce the amount of tax payable. Having checked with your solicitor that your will is up to date, one approach is to make gifts to your family in your lifetime, some of which can be made completely free of IHT.
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· "If you plan ahead you can totally legally reduce your inheritance tax bill," explains Claire Walsh, a chartered financial planner from Aspect 8 in Brighton. How to reduce your IHT.
Fortunately, there are a number of measures you can take to minimise IHT. Most require forward planning and. taxable estate. Be careful, though: once you have made a “potentially exempt transfer”.
· Gifts to charities, museums, universities or community amateur sports clubs or political parties (provided the organisation meet specific criteria) are free of inheritance tax. If you gift more than 10% of your estate in this way, it is possible to reduce the inheritance tax rate from 40% to 36%.
However, with some careful planning, people can legitimately reduce their IHT liability or possibly pay nothing at all. So if you think your estate might have to pay IHT, here are five things you can do to reduce HMRC’s cut. Use your lifetime gifts exemption; Perhaps the most obvious way to reduce an IHT liability is to use your gifting.
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