Inheritance Tax, or IHT as it is commonly known, is payable on everything you have of monetary value when you die. You can minimise the effect of IHT and increase the amount you leave to your beneficiaries in a number of ways.
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Plan your Inheritance Tax efficiently
Inheritance Tax (IHT) is a tax levied on your estate/assets on death. It has traditionally been seen as a tax for the very wealthy however, with estates rising in value, partly due to property price increases and a single persons threshold of only £325,000 (£650,000 for married couples and civil partners), more and more people are finding themselves caught in the inheritance tax trap.
How to reduce the burden on your family?
You can increase the amount you leave to your beneficiaries and minimise the effects of IHT in many ways. This can include measures from sensible gifting through to using trusts to mitigate the tax, or even taking out insurance to pay the liability.