Tweet
I’ve an elderly aunt who is 88 yrs of age. She has no children and, because she never married or had any partner, the inheritance tax allowance on her estate, I believe, will be £325000.
The value of her estate (her house and savings in the bank) will be in excess of this figure.
She understands that a large amount of inheritance tax will be paid on her death and is keen to reduce this amount.
On my advice she has recently started to gift money in accordance with HMRC guidelines https://www.gov.uk/inheritance-tax. I’m aware that seven years must elapse for other gifts to be entirely free of inheritance tax.
I have no expertise on taxation and I’d like to know if there are any additional ways by which she could reduce the inheritance tax, while staying within HMRC guidelines.
She won’t be spending large amounts of money on herself.
The value of her estate (her house and savings in the bank) will be in excess of this figure.
She understands that a large amount of inheritance tax will be paid on her death and is keen to reduce this amount.
On my advice she has recently started to gift money in accordance with HMRC guidelines https://www.gov.uk/inheritance-tax. I’m aware that seven years must elapse for other gifts to be entirely free of inheritance tax.
I have no expertise on taxation and I’d like to know if there are any additional ways by which she could reduce the inheritance tax, while staying within HMRC guidelines.
She won’t be spending large amounts of money on herself.
Comment