Making gifts to charity can be an effective way to reduce the amount of inheritance tax (IHT) payable on your estate.
There are various exemptions, and potential exemptions, which make it possible to make gifts free of inheritance tax. Making tax-free gifts is a useful way to reduce the value of your estate – and ultimately the inheritance tax that may be payable on gifts.
HMRC has published a guide which enables you to check if an estate can get the extra Inheritance Tax threshold when someone downsizes, gifts or sells their home before they die.
HMRC has published guidance on the new rules which came into force this month relating to claims for an additional inheritance tax (IHT) threshold when the family home is left to direct descendants.
Changes to Inheritance Tax are being introduced from 2017 which will particularly impact upon married couples and those in civil partnerships.