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Hello, In this video we are looking at how we can avoid inheritance tax.
Inheritance tax, sometimes referred to as IHT, is a tax placed upon money and property that is gifted or inherited. Understandably many people approaching older age want to protect their estate and loved ones from the impact of IHT. This is often known as Estate Planning.
If you’d like to avoid inheritance tax or minimise the potential inheritance tax bill you’ll have to pay from your estate, there are a number of options available. These are simple and easy ways to organise your assets and potentially remove inheritance tax altogether.
When you are married, or in a civil partnership, you can give anything you own to your civil partner or spouse. This means that your estate will not have to pay inheritance tax on what the gift is worth.
There are rules to bear in mind with this option – which can become complex if your spouse or civil partner was born outside of the UK or permanently lives outside of the UK. If this is the case, you should seek professional advice.
You may choose to leave all of your estates to charity, There will be no IHT to pay. However, many people only wish to leave a portion of their estate to charitable causes and the rest to family members and friends.
There are still advantages to charitable donations upon death – if you leave 10% or more of your estate to a charity, the amount due on the rest will decrease considerably. This is because instead of being calculated at a tax rate 40% the rate reduces to a tax rate of 36%.
One issue that many people look at is how to avoid inheritance tax on their homes. Whilst this is a complex subject, a trust can be one way to achieve this and ensure that your estate does not have to pay inheritance tax.
This is a legal arrangement that enables you to give cash, property or investments to somebody else to look after for the benefit of a third party.If you are a business owner, you can transfer interest in your business to a friend, relative or business partner without being subject to inheritance tax. This transfer can be made before or at the time of your death.
It is possible to transfer shares and other finances related to business to a business partner without having to pay any tax. You can then specify that certain assets are transferred to your loved ones at a suitable time after your death.
If you are faced with a terminal illness and expect to die soon, this is a good time to treat your friends and family members to a special holiday or another type of experience that you can share together.
Not only will there be less capital after you pass away for your loved ones to be taxed on, but you will also have the chance to make some final memories that those close to you are likely to treasure for many years to come.
It’s your money so you can spend it! Why save your money knowing that a significant portion of it could be taken away through inheritance tax? Instead, why don’t you enjoy life and treat yourself to some nice holidays and gadgets that are going to make your life easier.
The threshold for inheritance tax is currently £325,000. This is also known as the nil rate band and can be transferred to a spouse or civil partner on death. Therefore, giving you a total nil rate band of £325,000.
That is the end of this video, but if you would like to read more you can do so on the help and advice website.
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