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You can reduce IHT with careful planning and by making gifts

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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.

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Careful planning can reduce or even eliminate the IHT payable. IHT is not payable on the first part of the value of your estate – the ‘nil-rate band’. The nil-rate band is currently 325,000. If the total value of your estate does not exceed the nil-rate band, no IHT is payable.

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.

Intergenerational planning helps you put financial measures in place to benefit your children or grandchildren later in life. Careful preparation can potentially reduce or even eliminate the inheritance tax payable, as George Square Financial Management explains.

There’s usually no Inheritance Tax to pay on small gifts you make out of your normal income, such as Christmas or birthday presents. These are known as ‘exempted gifts’. There’s also no Inheritance Tax to pay on gifts between spouses or civil partners.

IHT is payable at 40 per cent on the value of an estate over that tax-free nil-rate band. However, according to unbiased.co.uk, more than £472m could be saved each year through careful iht planning ..

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Careful Planning Can Reduce or Even Eliminate the Inheritance Tax Payable Posted 19 Feb, 2019 Intergenerational 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 .

You may be tempted to gift your home to family or place it in a trust to protect it from care costs or inheritance tax. savings can also invest the capital to generate an income to pay for care.

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