In the event of their marriage or civil partnership, you can give each of your children up to £5,000, each grandchild up to £2,500 and any other relative or friend up to £1,000.
If you are receiving more income than you need to live on, you can make gifts out of that surplus income which could be exempt from IHT.
If you leave a legacy of at least 10% of your net estate to charity you may be able to pay a reduced rate of Inheritance Tax of 36%.
If you own a business, depending on its nature and how long it has been trading, it could qualify for 100% relief from inheritance tax.
If you give your home away and continue to live in it until you die without paying a commercial market rent, it may still be included in your estate for inheritance tax purposes.
How we can help:
Inheritance tax is a complex area but can be mitigated with careful estate planning. At Paul Robinsons, we can provide specialised advice to assist you in taking maximum advantage of the exemptions and reliefs available and guide you on satisfying the technical HMRC rules that apply.