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You can reduce IHT with careful planning and by making gifts

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You can make gifts of up to 3,000 in total in any tax year without attracting IHT. If the gifting exemption is not used in one tax year, it can be carried forward to the next, enabling some individuals to remove as much as 6,000 from their estate in just one tax year.

Careful planning can reduce or even eliminate the IHT payable. IHT is not payable on the first part of the value of your estate – the ‘nil-rate band’. The nil-rate band is currently 325,000. If the total value of your estate does not exceed the nil-rate band, no IHT is payable.

Reason two: you may already have started your inheritance tax planning without. to make use of the 3,000 annual gift exemption to cut inheritance tax.

Though gifting can reduce inheritance tax, it still requires careful thought (Photo: Getty Images). You can also give multiple gifts of up to 250 to one person, but this can’t be the person.

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is essential to have provisions in place after you're gone. Unnecessary tax payments. The easiest way to prevent unnecessary tax payments such as Inheritance Tax. tax because, with careful planning, the amount your estate has to pay could be. not counted for tax if the person making the gift survives for seven years.

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Inheritance tax. Careful planning now can help reduce inheritance tax for your loved ones in the future. Inheritance tax (IHT) is levied on your total wealth before it can be passed on to your beneficiaries. This includes cash, assets and property, as well as some of the gifts you make during your lifetime. For some,

However, the longer you survive after making the gift (subject to surviving at least three years), the lower the IHT charge. You need to be careful if you are giving away your home to your children with conditions attached to it, or if you give it away but continue to benefit from it. This is known as a ‘Gift with Reservation of Benefit’.

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In addition, gifts can help reduce IHT as most are exempt from IHT if you live for 7 years after making the transfer. A careful gift-giving strategy can help minimise your liability to IHT and ensure that you leave as much of your estate as possible to your loved ones.

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