10/03/2025
Take control and lower your Inheritance Tax Liability, taking these three things into consideration before Tax Year-End:
- Drawing up a will🖋
Drawing up a will*, or reviewing your existing will, is the easiest and most effective way to express the way you would like your wealth distributed when you die. Without a will, your assets will be distributed on your behalf and may be liable to IHT that might otherwise be avoided.
*Will writing involves the referral to a service that is separate and distinct to those offered by St. James’s Place. Wills are not regulated by the Financial Conduct Authority
- Make the most of your annual gifting allowance🎁
One way of reducing your IHT liability is to make the most of your annual gifting allowance. You can gift £3,000 per tax year (£6,000 for a couple) and it won’t be counted as part of your estate for IHT purposes. You can also use last year’s allowance if it was unused provided you use it first. This means a couple could potentially remove £12,000 from their estate in this tax year.
- Make larger lifetime gifts💰
Making larger lifetime gifts, either to individuals or a trust, is an effective way to plan for IHT. You would generally need to live 7 years for the gift to be effective. Equally, the liability can be covered using a life insurance policy.
With our invaluable advice we can help you maximise your allowances - and create the future you want, protecting your family wealth!
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.
Trusts are not regulated by the Financial Conduct Authority.
PFP Wealth Group Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc which is authorised and regulated by the Financial Conduct Authority.
SJP APPROVED 05/03/2025
