Inheritance tax may be charged at 40% on any assets in an estate over the inheritance tax threshold. Making gifts in your lifetime can legitimately help avoid this. If your assets are worth more than the current inheritance tax threshold, lifetime gifts and the use of trusts may help you avoid giving HM Revenue & customs a slice of your estate. Making lifetime gifts is not necessarily complicated and there are a number of different ways in which they can be arranged. Many people can reduce or avoid inheritance tax by taking a few simple steps now. You may be surprised at how little it costs to make the legal arrangements compared with the amount you can save. Can you answer the following questions? • Can I get my property back if I’ve given it away to avoid tax? • Do I still have to pay tax on assets I’ve given away? • Can I still get interest on money I’ve passed onto the family? • Do my pensions and insurances count in the Inheritance Tax threshold nil rate band amount? • What happens if my spouse wants to make a gift and I don’t? • How can I pass on my business to my children free of tax? • If I pass on my estate to my children, how will my spouse be provided for? • I’ve heard about Trusts. How do they help? If you’re unsure about any of the answers, contact our Wills Probate Trust unit for more information about lifetime gifts.
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