10 steps to avoid being hit with 40% IHT in 2018
By International Adviser, 11 Jan 18
With inheritance tax payments hitting a record high at the end of 2017, the new year is a good time for advisers to ensure that clients are being as tax efficient as possible when passing on wealth to future generations, law firm Collyer Bristow has advised.
Take out life insurance and ensure it is tax efficient
It is important to make sure that life insurance benefits are assigned into trust rather than being paid to the (taxable) estate of the insured.
Make a bequest to charity
Bequests to charity will be taken off the total value of your estate before IHT is calculated. If you leave more than 10% of the total value of your estate to charity, the IHT rate will be cut to 36%.
Tags: IHT
