You can take some easy steps to mitigate potential inheritance tax
1. Paying gifts of £3000 each financial year free of tax.
2. Gifts of £5000 to a child getting marries
3. Gifts of £250
4. Regular payments out of your excess income
5. Gifts to charity
It makes sense to review your tax planning and your Will with a solicitor.
Inheritance tax bills are rising - what can you do? Oct 22, 2015 Ruth Jackson Rise in property prices and freezing of allowance responsible for five-year high tax take The cost of passing wealth down the generations is climbing. HM Revenue and Customs data reveal the average inheritance tax bill rose by £5,000 in 2013, the latest year for which information is available. Inheritance tax: how the changes will affect you In total the amount we handed to the government in tax on inherited estates was up 15% on the previous year. This rise was due mainly to a combination of escalating house prices and a frozen £325,000 'nil-rate band', or inheritance tax allowance, meaning more and more people have to hand over so-called 'death duties'. reports Dan Hyde in The Telegraph.