When do I have to pay INHERITANCE TAX UK

For all of us, a big question is when do I have to pay inheritance tax?
Not only is it importance to know when you have to pay inheritance tax, but also, and of equal importance, is knowing how to avoid inheritance tax UK.

Here we look at 6 top tips to avoid inheritance tax in the UK or how to reduce the amount of inheritance tax you may have to pay. We look at the nil rate band for inheritance tax, rules of intestacy, rules around gifting, tax deductible charity donations, how to remove assets from your estate legally and how to protect your home so that you do not need to sell it to cover care home fees. We also explore whether pensions are subject to inheritance tax.

Even if your estate falls below the inheritance tax threshold, it is still important to do estate planning to ensure that your assets are inherited in accordance with your wishes rather than the rules of intestacy and so that the probate process and liquidating your assets goes smoothly.

We also explore how to protect your ISA from inheritance tax, additional permitted subscriptions, AIM stocks and using trusts to protect assets.

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Keywords:
Bouncing Back, when do i have to pay inheritance tax uk, how to avoid inheritance, how to avoid inheritance tax, how to avoid inheritance tax uk, using trusts to protect assets, avoid care home fees, top tips to avoid inheritance tax uk, inheritance tax and how to avoid it, inheritance tax explained, how to avoid care home fees uk, estate trust planning uk, estate planning basics, inheritance tax and taxes uk, are pensions subject to inheritance tax, avoiding inheritance tax

DISCLAIMER: This is NOT financial advice, it is financial education. Be sure to seek a professional financial advisor for advice tailored to your needs.

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[marklittler]

Duke of Westminster aged 27 and his sister inherited £2 Billion inheritance tax free

[petekelvin]

So hard to find nice content like this. I don't know who, but someone actually needs to hear this, you've got to stop saving all your money. Venture into investing some, if you really want financial stability

[mikeroyce]

Thank you Helena. You have covered in a very simple but helpful way something that is quite time consuming to uncover - how to calculate the Residence Nil Rate Band (the £175, 000 extra threshold that may apply to some estates).

[billhicks]

Thank you Helena for this simple, clear and helpful video. Useful at a stressful time.

[petewitkowski]

To avoid inheritance tax just get in touch with the little man Charlie at the Palace. He is an expert on how not to pay inheritance tax.

[EdmundBaileyUK]

Well done Helena!! Really useful info on an area that is and will impact on more and more people! Thanks 🙏

[BouncingBack]

There are a number of ways to reduce or eliminate the amount of inheritance to be paid on our estate or the estate of our families. Here are top tips to help you plan to avoid or reduce paying inheritance tax, which is an average of £200k in the UK.

[alangoudie]

Thank you for a very helpful & easy to follow video.
I have subscribed.

[Mike-otlb]

Many thanks for this video. Need a video on how to fill in how to value someone's estate. Do you have one?

[MadderPrinciple]

Excellent video, so helpful, as always!

[mikeroyce]

I have a suggestion for you Helena. A while ago I spent ages looking for my late father's will. I could find a photocopy, but I couldn't find the original will. Then an accountant pointed out to me that the Probate Office keep the will, before granting probate.

Have you tried asking the probate office if they could help you trace the "missing" will?

[runningman]

Amazingly clear vidwo, thanks. Cleared up a lot of my questions.

[stevethomson]

Just for info, the care home funding guidelines from the Scottish Government say that putting your property under trust would not avoid care home fees.

[lenb]

Nice to know if you leave all your estate to the political party who brought in inheritance tax to steal from you then no inheritance tax would be due.

[marissakeynes]

It's disgusting how the Govt tells us how much we can gift out of our own money which has already been taxed.

[tommydaye]

If I want to give my Sister and her family £10, 000 each will they be libel to pay tX on this,

[lerouretan]

Hello Helena,
I am using the gift out of income for my father's probate, but find the regularity part very vague: how strict is HMRC on the regularity: for example will payments of say between £1000 and £2000 every three months, but not on specific date be acceptable as "regular".

And the other question, is it okay if these payments were to different members of the family? Son and Grandchildren for example? Or must they be to only one designated person (at any one time)?

[musheopeaus]

Excellent video . I had to trawl though so much pointless dross to find this gem

[lawrie]

Trying to plan ahead - inherited my wifes family home and it was seperated between me, my wife and my son . We have listed it as tenants in common and both named our son as the beneficiary of the deceased section of the ownership . Is this taxable - bearing in mind that the survivor doesn’t own the part that the deceased has left ! We have done the same with our main home - does tenants in common alter the validity of our main home claim ?

[Jeffybonbon]

I cam across something of intrest which i will share I am a landlord own a lot of investment properties in my own name the first one is debt if you remortgage the debt is offset against IHT so you can remortgage and just spend the money or gift it away 7 year rule the next thing i have found is with Land and property the estate wheich is inherited can pay the IHT over 10 years HMRC will charge intrest but it allowed the estate to remain in place and the rental income can pay the IHT