UK Government Contemplates Inheritance Tax Reform
The UK government is deliberating a potential reduction in the inheritance tax (IHT) before the upcoming general election, despite expectations of generating approximately £7.2 billion in revenue during the fiscal year 2023/24. This prospective policy adjustment is just one of...
The Pros And Cons Of Setting Up A Trust To Reduce IHT In The UK
Effective death tax planning in the UK requires understanding inheritance tax (IHT) and trusts. Trusts, like Discretionary and Interest in Possession Trusts, can reduce IHT from 40% to 26% if the settlor survives 7 years. Savings depend on property value....
Importance of Making a Will to Avoid Inheritance Tax in the UK
This article will discuss the importance of creating a will in inheritance tax planning, covering control over asset distribution, tax-efficient gifts, allowance utilisation, and strategic trust setups to minimize tax liabilities with professional guidance.
