How Does Inheritance Tax Works? IHT Planning & Pensions

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Inheritance tax (IHT) can be a significant burden for many people in the UK, especially if you don't do the correct financial planning. The current threshold for inheritance tax is £325,000 per person, and £650,000 per couple. However, if you live in an area with high property values such as London, it can be easy to exceed this threshold. Additionally, even if you live abroad, UK inheritance tax can still apply to you if you have a UK domicile.

This is why, It's important to understand how your assets, such as pension schemes (Final Salary Pension or Defined Contribution Pension), fit into your inheritance tax plan.

In this video, we'll discuss inheritance tax and the various ways to reduce your liabilities. From understanding domicility and how UK inheritance tax works, to the importance of planning early, we'll cover it all.

By watching this video, you'll be able to make informed decisions about your financial future, and reduce your inheritance tax liabilities. So, whether you're a retiree, a business owner, or just someone looking to plan for the future, this video is for you. Don't miss out, watch now!

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Video Timestamp:
00:00 – Are You Happy Paying 40% on Your Estate & Assets to the UK Government?
00:30 – The Inheritance Tax Threshold
00:47 – How Living in Urban Areas Can Affect Your Threshold
01:30 – The Domicility Rules in the UK
02:26 – How an IFA Can Help You
02:46 – Advantage with UK Pension Wrappers
03:40 – The 7-Year Rule
04:13 – The Importance of Planning Early
05:08 – The Solutions
07:03 – Outro

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References and Helpful Links:

Learn more about Inheritance Tax:

Learn More about Making the Most Out of Your Pension:

Key Points In This Video:
✅ Understanding the Current Threshold for Inheritance Tax in the UK
✅ How Living in an Area With High Property Values Can Affect Inheritance Tax
✅ Importance of Understanding How Assets Such As Pension Schemes Fit Into Inheritance Tax Plan
✅ How UK Pension Wrappers Are Not Included in Estate for Inheritance Tax Purposes
✅ Understanding the 7-Year Rule and the Impact of Gifting Assets Later in Life
✅ Solutions To Reduce Inheritance Tax Liabilities
✅ Importance of Starting Inheritance Tax Planning Early

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