What about a share for share exchange between an FIC and a trading company for no CGT and so provides protection of the assets? Is that sensible/doable?

Please check your sound quality

This is quite an old video. Is all the information still relevant today (21st November 2024)?

Hi Charles. Can you please explain what is an "unused annuity" as I was considering buying a joint life annuity with part of my pension pot.

Can feel the high commission annuity salesmen lining up 🙈

If you are taxed on your annuity and then go over the frozen personal allowance , you will be paying twice …?

Duly noted and of great interest.

TBH the tories brought rules in 2015 to say pensions are out of IHT, before then they were always part of IHT.

Thank you for the valuable information and for creating this video. Please can you help answer the below: 1) would I do this if I own most of the assets in our marriage but want my spouse to enjoy them if he were to survive me but pass on to my side of the family upon his passing or if he were to remarry after my death? 2) Can this be done if you are in a 2nd marriage, you do not have children of your own but your spouse does from a previous marriage and want to leave some assets for your partner's child but most of it to your nieces/nephews? Thank you. I appreciate your reply.

The most understated part of the budget is the bringing in of pensions into IHT including farming (farmers should be calculating winding up costs right now). The IHT change has effectively created a NEW LTA of 650K for a couple. You now have as a couple only have a pot of 650k (whether it it in a SIPP, ISA or GIA) to generate income for your retirement (4% of 650k = 26k income for a couple) . Any exposure above this immediately opens you up for immediate 40% additional tax or more (if you die above 75 it becomes 52%). And because you don't know when you will die (and due to market fluctuations you would normally err on the side of a bigger pot, but with a 40%+ tax hanging over you, one would be inclined to blow the excess. That's for the fortunate ones that can max out this new imposed limit. Yes, one can buy an annuity, but thats why the pension reforms were done to allow more control of your destiny because everyone's health, desires and family circumstances are different. It's your savings you should spend it as you like. Why should giving away money to a politic party reduce the IHT bill? All of these do not apply to civil service pensions, but of course one forgets when the goose is dead and there is nothing to take anymore who will pay the unfunded pensions? This budget has decimated the pension industry IMHO, and enslaved the future generation (they just haven't figure out the maths yet). And imposed a £1M cap on wealth (hence the farming and entrepreneur £1M exemption). Those with a potential retirement asset pool of 650k+ will look to strip themselves by gifting and/or moving aboard the money.

The best way is sell and spend . The world is money mad 😊

Very good teacher with visuals making it much clearer than most channels

Great video.. just what I needed.

Does not explain that a non-domiciled UK resident (less than 15 years) married to a UK domiciled spouse can apply to HMRC for UK domicile for IHT purposes.

Sound is inaudible.

The argument that usually cash above £ 50k would be liable to IHT is illogical, because any other form of asset is also liable to IHT.

Fails to explain whether the gifter can maintain his standard of living from his cash savings whilst gifting from income to the benefactor. If I have £ 1 million cash savings to live off, I can easily gift £ 12k annually from £ 20k income and maintain my standard of living. Also, the video only mentions gifting to children or g-children, but anybody can be the benefactor.

thanks Charles for sharing this.

For 96% of the population who will not have a IHT problem there is no need for holding the main residence in Tenants in Common. If people are probably going to have an IHT problem changing the property to Tin C enables us to do some tax planning to save often several hundred thousand in tax. The higher the value of the main residence on death the higher the tax saving

One way to avoid Inheritance Tax is to give in my will all my assets to my spouse, and have an agreement with her to distribute the assets as gifts to wider family. Providing my spouse lives for 7 years (after gifting), then no Inheritance Tax is due. Is this correct?

I thought surviving spouses do not pay inheritance tax if they jointly own the property with their spouse. So why use tenants in common?

I have had common law wife, CLW, for 18 years, who has cared first for my Father and now for me. I have adult children from a former marriage, and I want to leave my apartment for my son but with provision that my CLW is allowed to live in it until she dies, or decides to vacate it. She will pay all running costs etc. I am told a Discretionary Trust will allow this and prevent any family member trying to evict her, even if this is highly unlikely now circumstance could change. Security for my CLW is my No 1 priority, and my son’s secure inheritance a close 2nd. I’m told it will also ensure the added £175k is granted before IHT is applied?

charles who owns the trust? is it a corporation? a business of some kind?

Does the domicile in this case relate to the domicile of the deceased or the domicile of the recipient of the inhertitance?

Excellent

I had Excellent service from Charles Highly recommended

The other way to avoid IHT is to be born into The Royal Family.

does a discretionary trust fro disable person qualify for RNRB

Great video. To the point and issued some pertinent and valuable info straight out the gate. A breath of fresh air.

Can you move some properties into a FIC and leave some in own name - or do they all need to move? Thanks

Only 3 ways to avoid inheritance tax? What about spending before you die? Great presentation,many thanks 15:11

Living in france, I want to leave my estate (uk and french property) to my son who wants to live back in the uk. Is this possible?

Thank you for the info. I just like to point out that the voice volume is a little lower than some of you other videos.

Perfectly explained! ❤

❤

very informative charles 👍

thanks for this. so basically, if we decide to leave the uk best to close bank accounts and sell all you got and renounce the uk passport.

is there a trust suitable for digital assets such as bitcoin?

❤

so as long as you have a uk passport you are taxed for iht?

very informative. thanks Charles

what's the right way to avoid iht for between 1m and 2m

What are the tax implications of this though. Like is CGT payable on transfer?

Great presentation. I understand things a lot more clearly now. Better than a lot of the social wham bam short videos. Thank you

Thans for this

Thank you for this

Short and precise..thanks

charls can you make a video about crypto into trusts ? deep dive into TRUST and Crypto

Can you still buy property with a mortgage in a property investment company

very interesting , thanks