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Everything You Need to Know About Inheritance Taxes in the UK!

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Inheritance tax is a growing issue for many families in the UK, and in this video, I'll break down everything you need to know about inheritance taxes in the UK and how you can protect your estate from paying 40% tax on already taxed assets.

Inheritance tax is a 40% tax applied after a person dies, on estates worth more than the tax allowances.

The current nil rate band is £325,000 per person.

Additionally, parents owning their home get an extra £175,000 tax relief, known as the residential nil rate band.

This means a single parent can leave up to £500,000 to their children tax-free, and married couples or civil partners can have up to £1 million in inheritance tax relief.

However, if you don't leave your home to your children, you might lose £175,000 in tax relief, only retaining the £325,000 nil rate band.

For estates over £2 million, the relief is reduced, leaving large estates with significantly less tax relief.

Now, how can you reduce inheritance tax? Firstly, utilize all your tax reliefs and exemptions.

For instance, annual exemptions allow you to give away up to £3,000 each tax year, and there are exemptions for small gifts, wedding gifts, and regular gifts from surplus income.

Gifts made more than seven years before death are also exempt, thanks to taper relief.

Setting up trusts, like discretionary trusts, can help manage when and how beneficiaries receive assets, potentially reducing inheritance taxes.

Business relief and agricultural relief offer up to 100% relief on qualifying assets, providing substantial tax savings.

Charitable donations are another way to reduce inheritance tax.

Gifts to registered charities are exempt, and if you leave 10% or more of your estate to charity, the tax on the remaining estate drops from 40% to 36%.

Life insurance policies can cover potential IHT bills, ensuring beneficiaries don’t need to sell assets to pay the tax.

Transfers between spouses or civil partners are exempt from inheritance tax, allowing the surviving partner to inherit the estate tax-free, but remember, the taxman will come after the second death.

Understanding and planning for inheritance taxes can help you leave more money to your loved ones.

Speak with a professional estate planner to set up your estate plan, or book a call with us for personalized advice.

Don't let inheritance taxes catch you off guard—secure your legacy today!