Your loved ones may have to pay more taxes on top of inheritance tax

This £3,000 can be gifted to one person or split between several people, with the option to carry over the allowance to the next tax year.

Larger gifts can also be arranged, but the person needs to live for seven years after gifting the amount to avoid IHT.

Alex Davies, CEO and founder of Wealth Club, encouraged people to look at their pension pots as a way of avoiding IHT.

He said: “Pensions are not usually subject to inheritance tax so they can be passed on tax efficiently and, in some cases, even tax-free. If you have any pension allowance left, make use of it.

File source

Show More

Related Articles

Back to top button