Tips on reducing Inheritance Tax

Inheitance Tax (Grave robbing) Part 1 - Advantages: None - Disadvantages: People forced to take out mortgages or lose their family home., Government wastes money., it is an insult to people who have worked hard all of their lives.

After buying what you want from your earnings (after tax) and paying tax on almost every purchase, this 'brilliant'idea is to tax death. It can't be avoided but it can be reduced. 1) Make sure your main house is in joint names and you are tenants-in-common. This way you can leave your share of the house directly to children. 2) Give away as much as you can!!! Cash is notoriously difficult to trace so if you are lucky enough to have cash, give away as much as you can afford to. The other advantage is being able to watch people enjoy it. 3) There are trusts that can be set up to minimise tax. Make sure you get a good lawyer to ...  Read the complete review

IHT is a minefield sometimes so I thought it would help if I put down in black and white what you can and what you can't do... other than live for ever! Hopefully this op doesn't look too list like, but it is the easiest way I can convey the complicated IHT rules. Hope you agree! I've had to struggle through this recently with my parents and it is hard enough as it is when someone passes away never mind having to wade through solicitors advice too. IHT is charged on: the transfer of assets on death; lifetime gifts which do not qualify for a special exemption - gifts to discretionary trusts (chargeable lifetime transfers); and ...  Read the complete review

One of the unkindest of taxes. Penalised as we are through life with income, capital gains, value added, insurance, airport and council taxes to then be taxed again on the blanket value of everything we own is pretty mean. Unfortunately there are few realistic tips on reducing it. This successor to estate duties was designed, I suppose, to claw back something from the obscenely rich. Unfortunately with every increasing property prices and miserable returns on any investments almost everyone will be touched by inheritance tax. The threshold is not high enough to exclude the value of a house to live in and a lump sum to generate an acceptable ...  Read the complete review

Please don’t think that you’re too young to think about Inheritance Tax, because you’re not. As we get older we acquire more and more and a lot of people will be quite surprised when they look at the likely value of their estate when they die. I also believe that most people would prefer to think of the assets which they’ve worked for being passed to their heirs rather than having to be sold to pay tax. Plan properly and you can achieve this. ~~ What is Inheritance Tax? ~~ Inheritance Tax is a sum payable by your executors six months after the end of the month in which you die. It’s charged at 40% on the excess of your ...  Read the complete review