We are unable to avoid paying Inheritance Tax, however, it is possible to reduce your IHT Liability by making use of certain tax planning tools. One extremely effective way of reducing your exposure to IHT is by making gifts during your lifetime.
Lasting Powers of Attorney are legally binding documents allowing someone (the donor) to give person(s) (the Attorneys) the authority to deal with their affairs if they are unable to do so, due to physical or mental incapacity.
INHERITANCE TAX RULES FOR NON-UK DOMICILED SPOUSES
Inheritance Tax (“IHT”) charges are dependent of a person’s domicile. Any gifts or transfers made between married couples and civil partners on death, are fully exempt from IHT if both spouses/civil partners have UK domicile.
Estate Planners Network (EPN) is an innovative support and development network for Estate Planners & Will Writers offering a self-regulatory regime for our members. We will support our members with business development to help them stand out in the market and to give their clients the best possible service.