How to Avoid inheritance Tax...251 Ways
Avoiding inheritance tax (IHT) that’s not due, is a duty to your family. One of our obligations as citizens of a democratic society is to pay our taxes.
I doubt you or I would want to live in a land in which folk didn’t pay their taxes. Nonetheless, I’m yet to see any sense anyone paying more than their fair share.
Inheritance Tax Simplified?
Inheritance tax: if your estate exceeds the nil rate allowance (currently £325,000) the excess is taxed at 40%.
That’s where simple ends.
Inheritance tax in the UK potential punishment on the children, grandchildren, and further generations of people who’ve done nothing to reduce even eliminate this tax. You might have written your will, but as a local will writer, I help residents of Wallington, both virtually and in person – you know there is a benefit to being local, armour their estate against the horror of inheritance tax which is a dense fog of penalties with 251 rules, allowance and exemptions.
It is only by understanding the principle of inheritance tax that we can avoid it.
Once we know the principle of IHT, then we can avoid it.
Your inheritance tax specialist helps you answer perhaps the greatest and gravest question that could ever come before your consideration.
All your assets, the fruit of your life’s work, your estate… how many times would you like your family to pay inheritance tax on your estate?
If your answer is ‘at most once, but ideally never’, you’ve come to the right place. – you have an inheritance tax expert would help you breathe life to your answer to this question.
Inheritance Tax – The One Million Pound Con
You might have heard ‘they’ve increase inheritance tax allowance to a million pounds’, but that’s sophistry, that’s a half truth, that’s the million-pound trick.
Inheritance Tax, Tactics
You might have heard of spousal exemption; it presupposes your spouse would live forever. You’ve heard of ‘gifting’; ‘the 7-year rule’; ‘the 10% threshold’; the small gift exemption and several other wheezes and schemes. These are mere tactics to avoiding inheritance tax.
This duty to your family requires strategy as well as tactics.
The Treasury thought things were too simple, with the ‘nil rate band’ so they introduced its bastard cousin, the ‘residential nil rate band’. It would be to great insult to tell you of loopholes.
The real way to avoid inheritance tax is to understand it.
Question: how do these allowances relate to you?
Also, how do you protect your business from inheritance tax?
All what you might have heard about avoiding inheritance tax are half-truths, and a half-truth is a whole lie.
The central question of inheritance tax is: ‘How many times would you want your descendants to pay inheritance tax on the property in which you live now’?.
If your answer is: ‘Ideally never, but at worst once.’, then I’m the person to help you banish this curse. Then request your free guide on inheritance tax planning.
Inheritance tax in 2022 or any other year wouldn’t be an easier burden for your family – that’s why you should act now. The sooner you put your plans in place, the better chance you would of keeping your wealth in your family.
Inheritance Tax, Information
To know how to avoid inheritance tax, you need to know your options, you need to know the rules, you need to know what you need to do. To help you with this, I’ve created a simple, easy to follow 5-part guide to inheritance tax, simply enter your details in the form below, and you’ll get all the information you need on avoiding inheritance tax in your inbox.