Tax Tips > Estate Planning

  • Uplift to Market Value On the first death the surviving spouse acquires assets at market value. No Capital Gains to pay.
  • Make gifts now and if you have a substantial estate, currently in excess of £325,000,  you may save inheritance tax. As long as you live 7 years after making the gift no inheritance tax will be payable.
  • Give away up to £3,000 in any tax year, £6,000 if you did not use the previous years exemption, with no inheritance tax consequences.
  • Transfer assets to your spouse and pay no capital gains tax, inheritance tax or income tax.
  • Gifts to the happy couple! Up to £5,000 by a parent, £2,500 by a grandparent, and £1,000 by anyone else, can all be given to the future bride and groom with no inheritance tax charge.
  • Charitable gifts, either during your lifetime or when you die are free of inheritance tax.
  • Have you made your Will yet? Is your current Will up to date? Don't leave it too late; the courts may have to decide who looks after your children, and the Inland Revenue may take an over large bite out of your childrens legacy.
  • Speak to your independent financial advisor about the costs of covering any potential inheritance tax with life insurance.

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