Inheritance Tax - Planning Opportunities

Though people seek advice on Inheritance Tax Planning for a variety of reasons - some because of an intense desire not to give anything above the absolute minimum to HMRC - the majority are simply concerned with the welfare of those they leave behind.

There are practical courses of action to mitigate Inheritance Tax:

• Ensure your Will is written and planned correctly to save the maximum amount of tax.
• Make use of all current exemptions and reliefs.
• Transfer assets through the prudent use of lifetime gifts.
• Create a tax-efficient fund to enable the beneficiaries of an estate to meet the tax liability without disturbing the family wealth.
• Consider the use of designed schemes such as:
  • Discounted Gift Schemes
  • Loan Schemes
  • Alternative Investment Market Schemes

Within these broad headings, a variety of methods can be used. However, no one method can, or should, be considered a 'complete solution' as each person will have differing circumstances and requirements and the taxation environment can change from time to time.

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