Gifts and transfers exempt from Inheritance Tax
A good way to avoid Inheritance Tax (IHT) is to make the most of the annual £3,000 exemption on gifts and transfers. If you want to make larger gifts, the earlier you make them the better – because inheritance tax may have to be paid on a gift if you die within seven years of making it. For this reason, most lifetime gifts are called potentially exempt transfers (PETs).
We specialise in estate tax planning and can help you reduce your estate’s liability and/or insure for the tax, call us to see if we can help.