Is there anything you can do to pay less inheritance tax in the UK?
While tax evasion is a punishable crime, that we do not promote in any way or form, there are completely ways to legally reduce the tax your next of kin has to pay when inheriting your estate.
The key is to stay ahead and plan your taxation strategy early. Once you are in need of a strategy for reducing inheritance tax it’s obviously too late. So even if you are planning to live many more years, there are always certain things that cannot be planned. Like car accidents, sudden illness or dementia. And while hopefully none of those things will happen to you any time soon, it’s always good to be on the safe side. Remember than you can always change your inheritance tax strategy later in life if your financial situation changes, or you simply change your mind.
Luckily there are great inheritance tax planners in London and throughout the country. Professionals with in-depth knowledge of British tax law and regulations. All the advice we are going to share in this article are based on strategies, principles and ideas endorsed by inheritance tax specialist, Issac Qureshi. Qureshi has more than 15 years of experience as a taxation adviser and business strategist. He specialises on trust law, wealth and asset protection, and has a long track record of success. So we feel 100% confident about sharing these principles for reducing inheritance tax in this introduction.
The first thing to do when planning the inheritance of your estate is make a will. A will is the best way to secure that your assets are distributed in compliance with your wishes. Not only will your values be distributed according to instancy rules, leaving you without any control, if you don’t have a will. Your estate might also be liable to inheritance tax that could otherwise be avoided.
A good tax adviser can help you make a will, and at the same time advise you on the most efficient tax strategies for your situations. The best of these is simple to keep the value of your estate below the £325,000 threshold that your heirs can inherit tax-free. This can be done by donating to charity or investing in low-valued assets that are bound to go up in value over time.
You can also give your heirs advances on their inheritance in small portions. Done right all advances will be free of inheritance tax, given that you survive at least 7 years after the ‘gift’. And should you pass away unexpectedly, your heirs will only have to pay a reduce inheritance tax on their advances.
But the single most efficient tax strategy employed by inheritance tax planner, Issac Qureshi is putting your assets and even property into a trust, so they won’t be part of your estate at all upon your passing. For more information about asset trusts, contact Issac Qureshi, inheritance tax aadvisor, via the form below.