Inheritance tax (IHT) is a tax on your estate when you die and is also sometimes payable on trusts or gifts made during your lifetime. This includes the total of everything you own and a share of anything you own jointly. Things that might count towards your estate include:
- Investments and savings
- Pension fund(s)
- Certain gifts or assets held
- Write a will – an effective one could help to reduce your inheritance tax bill.
- Understand your exemptions – there are a number of these you can use to reduce the value of your estate. For example, moving assets between spouses or civil partners.
- Consider gifts – if you can afford to give away some of the assets you own, it may be possible to reduce the size of your estate.
- Use life assurance – a life assurance plan will not lessen the inheritance tax bill, but the proceeds could be used to help pay the bill on death.
- Create trusts – if structured carefully, trusts can help to reduce or even eliminate your inheritance tax liability.
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