Mark McLaughlin points out that although forward planning is always better, ‘last minute’ and even post-death inheritance tax planning may be possible in some cases.
Death and taxes are supposedly inevitable. However, steps to reduce the possible inheritance tax (IHT) burden on death might be considered.
What can be done?
The following is a selection of steps to consider for reducing the tax burden during lifetime, or possibly even post-death.
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Annual gifts – Transfers of value (e.g., gifts) are generally exempt from IHT up to a maximum of £3,000 per tax year. Any unused annual exemption can be carried forward to the following tax year (but not beyond).
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Nil-rate band – Every individual is entitled to an IHT threshold (or ‘nil-rate band’). Where chargeable lifetime
