How To Reduce Inheritance Tax
| Money : Money Management There are many legal ways for you to reduce inheritance tax in the UK. And with this fee being levied at a whopping 40% on any estate above around ?242,000 this now applies to a large number of people, as house prices have gone up and the threshold for inheritance tax... hasn't. One simple thing you can do is to give up to ?3,000 a year away as a gift. Therefore start doing this now to get rid of some of your money now and avoid the tax on it. Also note that you can carry this relief forward a year, so if you are part of a married couple you can give away ?6,000 each year without any inheritance tax implications at all. The next thing to note is that, if you have a wide variety of people around you that you'd like to share your money with, you can give up to ?250 free of tax to as many parties as you like, the only caveat being that you must not give more than ?250 to any one person. Therefore use these factors to help you spread out your money now and make the most of it before the whopping inheritance tax comes along and de-values your estate significantly.
 Questions about inheritance tax:
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