Any general IHT saving tips?
We would wish to tailor any advice to the individual clients profile. However here are some general tips: 4Make use of annual allowances-3000, and if you have not used up last years allowance then you can spend 6000 without it counting back into your estate. 4There is a normal expenditure out of income exemption. In addition to the annual allowance you can pay bills directly e g the grandchildrens school fees and where the payment comes out of income rather than capital it will not be counted back 4Equalise estates. If husband has property and investments worth 600000 and the wife has no property and savings of 100000 we may recommend a transfer from husbands sole name of property into joint names-there is no Capital Gains Tax. That enables both parties to put in place tax planning wills without there being different tax consequences according to who dies first. (We should advise that this could be challenged following the recent case of Phizackerly) 4 Use both Nil Rate Bands. If both
