Inheritance Tax
Allowances and Exemption
These allowances and exemption include:-
Make use of annual exemptions (£3,000 per donor – £6,000 if not used before).
Make small gifts of £250 to any number of recipients.
Make potentially exempt transfers (PETs).
Make tax-efficient Wills – they do still work for couples and are of particular benefit where one or both have previously been widowed.
Write life policies in trust.
Make absolute gifts – but only if you can afford to lose the capital.
Direct your pension lump sum into a family trust.
Direct your qualifying business or agricultural assets into a family trust.