4 Ways You can Avoid paying 40% UK Inheritance Tax
We have all heard about Death Taxes / Inheritence Tax or Death Duties.
Here are 4 ways to avoid paying one of the LARGEST taxes in the UK.
Death and taxes – can you outrun HMRC and their desire for inheritance tax?
The answer is yes you can here’s three reasons or three ways to do this:
Leave everything to your spouse or civil partner or to a charity if you leave everything to a spouse you get spousal exemptions or civil partners or if you leave everything to a charity it’s tax exempt that’s a way to do this.
Not everybody has estates that are high value there’s a fair number of people in the uk with estates below 325000 pounds per person or 650000 for a couple if that’s the case there’s no inheritance tax due and with the residential new rate band uplift you can also get as high as a million pounds before you have to pay inheritance tax.
If you live outside the uk and you’re non-dom you have left the uk congratulations you are outside the reach of hmrc for inheritance taxes those are all three ways to avoid having to pay what is arguably the largest tax in the uk it’s 40% inheritance tax.
There is a fourth way and of course i’m going to talk about this and that is to settle a trust you could settle trusts whilst you’re alive and speak to an estate planner like myself or a suitable professional who should be able to guide and advise you through the establishment of trusts in an effort to become more tax efficient.
Death and taxes, they say you can’t outrun them not so sure about the taxes part.
Leigh Court Business Centre
Pill Road, Abbots Leigh
Bristol BS8 3RA
0117 440 1555