How can I make gifts to reduce my IHT liability ?
You can make lifetime gifts of any amount but if you should die within seven years of making that gift its value could be added back into your estate for inheritance tax purposes. There are a number of exemptions available for lifetime gifts allowing you to give away your assets tax-free:
If your death is a result of injuries received on active service then your estate will be free of inheritance tax regardless of how long ago those injuries were incurred.
With any gifts made during your lifetime you should keep a record of the amount, the date of the gift and its recipient. We are able to advise on the most effective way of making a gift and assist you with recording its details.
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