10 steps to avoid being hit with 40% IHT in 2018
By International Adviser, 11 Jan 18
With inheritance tax payments hitting a record high at the end of 2017, the new year is a good time for advisers to ensure that clients are being as tax efficient as possible when passing on wealth to future generations, law firm Collyer Bristow has advised.
Consider setting up a trust
Individuals whose estates are likely to exceed the nil-rate band may want to consider setting up a trust to shelter assets from IHT. Effectively this means handing over assets to trustees to look after for the benefit of beneficiaries, so they no longer form part of your estate for IHT purposes.
Identify assets to sell or give away free of CGT
Assets worth less than £6,000 can be sold or given away free of capital gains tax (CGT). This can be an easy and simple way of reducing the value of your estate.
Tags: IHT
