By Louise Misiewicz
How to decrease inheritance tax in 2017
My team of tax accountancy property experts have received more and more emails recently from clients concerned about their level of liability around inheritance tax in 2017.
So I thought I’d put together a few simple tips on how to minimise inheritance tax in 2017 for our blog readers and investment clients alike, as a handy reference tool and information-packed resource item.
Looking at ways of minimising inheritance tax is a key area for my property tax team, as many of our property investment clients are looking to maximise their financial legacy to their children in the future.
One of the ways of enhancing the amount left to your children is by reducing the amount of inheritance tax paid – I recently wrote a blog post about transferring assets to a spouse under IHT allowances, which is worth reviewing. Read the full blog post here.
Ways to reduce inheritance tax liability in 2017
I also wrote an in-depth article here last year, covering some of the finer points of transferring property, tax planning and selling properties to reduce inheritance tax liability which should prove useful reading.
Some of the simplest ways to reduce inheritance tax include:
- Putting money in various Trusts to avoid being liable for inheritance tax
- Gifting money (up to £3,000 per year is allowed) to prevent inheritance tax
- Lending children money with agreement to pay it back at a later date
- Offering to be a Guarantor on a mortgage for your children instead
- Offset your savings against your children’s first-time buyer mortgage
- Pay off their debts instead of saving it and being liable for inheritance tax
I also recommend reading this useful article on how Discretionary Trusts can be used for IHT planning.
How are you going to minimise inheritance tax?
Another consideration is wealth planning instead of gifting money in some form or another. Wealth planning can include IHT planning, tax-free investing, and gifting property and business assets to children and family.
If you’re unsure how to reduce your inheritance tax in 2017, please get in touch with me and my team here.
How to engage with us
If you want to discuss finance or property tax questions, then please book some time with me and my team using the below calendar. We can help you to understand how to navigate the legislation set to affect rules around inheritance taxation in 2017.
Please use the redeem code “Article 33” to get 33% off your next consultation call.
If you are looking for a new tax expert, then please book some time with us using the below calendar.
Please note that this booking is to describe our specialist tax accountancy services, and will not be used to discuss your personal tax affairs.