Inheritance Tax and Gifts – Tips from the experts

Every year you can gift away assets or cash up to the value of your annual gift exemption allowance of £3,000. You can carry forward unused allowances from the previous year so this would allow a couple to gift £12,000 if they had not made any gifts the previous year.

If your income exceeds your expenditure this may create a greater IHT liability on your death as your capital will be increasing. You can make gifts of any amount out of your income to any person and this will be exempt for IHT providing strict qualifying criteria are met.

Strange but true!

Napoleon Bonaparte died in 1821. His last wish was that his head was shaved and the hair divided up amongst his friends!

Samuel Bratt used his will to get even with his wife! She had never allowed him to smoke his favourite cigars so when he died and left her £330,000 she had to smoke five cigars a day to claim her inheritance!

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