WILL YOU CHOOSE TO PAY INHERITANCE TAX?

WILL YOU CHOOSE TO PAY INHERITANCE TAX?

Ian Dempsey DipPFS Ian Dempsey DipPFS

Ian Dempsey DipPFS

The Alexander Isak of IFA’s | Certified coach | With coaching, planning, and advice, I help business owners and directors make their money unstoppable - working harder, lasting longer, and there when it counts.

发布日期: 2017年2月23日
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Inheritance Tax (IHT) is a tax on inertia, ignorance and people’s reluctance to confront the issue. Consequently, for many it is an avoidable tax – money which could instead stay in the family to support future generations.

Last tax year saw the government benefit from IHT to the tune of ￡4.6 billion, the first time annual revenues have exceeded ￡4 billion, and a 21% increase on the amount of tax paid in the previous year. The number of estates on which IHT has been paid has quadrupled since 2010.

But there are perfectly legitimate ways of mitigating IHT through foresight and careful planning. Making full use of your annual gifting exemption of ￡3,000 is one such solution. Your exemption from the last tax year can also be carried forward, but if you don’t use it by 5 April it will be lost forever.

Gifting is one way of lessening the burden of IHT on your heirs and giving a helping hand to other generations of your family.

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