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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
How can I legally move my money around to stop my Children paying Inheritance Tax? |
I have several houses I rent out and of course would look at selling in the Future. I am not quite sure on the legalities of the Inheritance TAx You need to see an IFA (Independent Financial Adviser.) There are ways in which to reduce/ mitigate your liability, but rules around these have changed in the recent budget. If you are looking to sell these properties, you will be left with more liquid assets, and therefore more choice. Certain trusts may be useful, nil rate band planning (if you are married), gifting monies. . . the list is endless. An IFA will not normally charge for initial consultation, but will advise you thereafter of your options if they give you advice. (Commission and/ or fees) Think about gifting and living 7 years Sell the houses and invets in an AiM listed company Sell the houses and invest in an unquoted company See a clever tax accountant for more exotic ideas BUT beware and be aware that every route has pitfalls. Its hard to avoid contributing to the tax and waste brigade. Tolleys Tax series |
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