Top 10 free ways to avoid Inheritance tax

How to avoid UK Inheritance tax at zero cost | Bluebond Tax Planning
In this video we want to describe how to avoid UK Inheritance tax at zero cost.
There are around 10 different strategies you can utilise to reduce your inheritance tax liabilities which will cost either nothing or close to nothing.
However, you do need to understand what these strategies are, how they work, potential issues that might arise and how you can implement them easily.
The UK inheritance tax avoidance strategies covered are:
1. spending the money
2. using the small annual gifts allowance for IHT
3. using the gifts on marriage allowance for Inheritance tax
4. using the gifts out of normal income allowance for inheritance tax
5. using the annual exemption of £3000 per year each
6. making direct gifts or potentially exempt transfers
7. making gifts into a trust or chargeable lifetime transfers
8. using the new residential nil rate band
9. using the normal nil rate band
10. buying exempt assets which attract different reliefs.
This video does not seek to go into huge depth on all of these various inheritance tax planning strategies, but mainly to give you an overview of the UK inheritance tax strategies and possibilities that are open to you.
We cover some of the planning that can be done by anyone seeking to reduce their inheritance tax liabilities.
However, your best UK inheritance tax mitigation result is likely to come from utilising a range of these different strategies according to your needs.
Therefore, experienced inheritance tax advice is essential
If you have any questions on UK inheritance tax please use the comments section below or visit our website at www.bluebond.co.uk
If you learned something from this video please just take a second to press the “like” button. This would be greatly appreciated. Thanks in advance - Charles.
Join our free Saturday webinar to learn how to solve your inheritance tax problem: www.bluebond.co.uk/webinar-pa...
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[@pudster1960]

Thank you very much, especially the residential nil rate band as I inherited a property from my mum.

[@Inheritancetaxadvice]

Glad we could help and you find our videos useful

[@JK-ct4iu]

Very good informative advice sir thankyou

[@bluegtturbo]

I think once one goes over the nil rate the simplest answer is to spend it. The gifting bit isn't really that limited... I can shove a roll of cash in my kids hands and who is to say I didn't spend it myself? As long as they don't put it in a bank and just use it for buying stuff with cash (groceries etc) no worries

[@Inheritancetaxadvice]

Maybe for small amounts but not for larger estates

[@spaceoddity2485]

So a married couple that intend to pass down thier house have a combined tax exemption of £1,000,000. That's all I need to know.

[@Inheritancetaxadvice]

Not quite that simple but yes that is correct provided they own a main residence property at the time of second death with a value in excess of £350,000 and they leave that main residence to their children or grandchildren

[@chairmakerPete]

What could happen in our economy if we simplified tax to the point where ordinary people could understand it? 🤔 There is so much talent tied up in tax planning: that capability turned to wealth creation rather than wealth preservation could be a very significant benefit to the nation.

[@Inheritancetaxadvice]

Interesting comment - There is an office of Tax simplification which is supposed to make thing easier. However, with good experienced help and by putting in a few hours of effort it is possible to understand more that enough to make sensible decisions. Something we help clients with every day.

[@sgsuper1150]

How do you avoid a second home paying IHT 40% without a trust.

[@Inheritancetaxadvice]

This is not advice -merely what COULD be done - Gift the property away but CGT may be payable and there would be loss of income to the current owner. 2. Take out life insurance. BEST ACTION -Get proper advice - YOu can book a free consultation with me from my website

[@sssfff]

@@Inheritancetaxadvice Hi, so can I make a deed of gift of the proceeds of the property to my son (grown up), without paying cgt on the proceeds to the government? the proceeds will be less than £325, 000. If I live for 7 yrs longer, then he doesn't have to pay inheritance tax?

[@Inheritancetaxadvice]

@@sssfff - if your are asking about your main residence then no CGT to pay. THIS IS NOT PERSONAL ADVICE -If you are talking about a rental property than the best way to avoid the tax is a gift to a discretionary trust and clainm holdover relief - but this means you can not get the income - do not do this without expert advice because you will parobly make an error which may end up costing a lot more monet that the cost of the advice.

[@thinkgood7412]

Hi how can we avoid inheritence tax on property?

[@patrickclark4350]

Great video. Is a Ltd company that has operational Commercial Rental Property classed as a "Trading" business, meaning it is exempt from IHT?

[@Inheritancetaxadvice]

Patrick - sorry about the late response- If a property is rented to long term tenants -( More than 6 months) and that is the main asset of the company it will not be exempt as it will be regarded as an investment company. It can be resolved. Go to our website and contact us

[@Inheritancetaxadvice]

Sorry about the late response - Most of our client have large property portfolios and also high value main residence. It is possible to avoid the tax but you will need to contact us. Visit our website www.bluebond.co.uk and use the contact us page

[@spaceoddity2485]

you also ready has a £500,000 tax free credit and £1,000,000 if married.

[@thinkgood7412]

@@spaceoddity2485 how