Reduce UK Inheritance Tax Gift Your Home

Avoiding Inheritance Tax (IHT) through trusts is possible with this quick guide – learn how to set up and benefit from trusts today to secure future savings for your family or business!

Are you looking for ways to reduce the burden of inheritance tax in the UK? One effective strategy is gifting a home to your children. In this informative video, we dive deep into the intricacies of this estate planning technique, exploring the benefits, considerations, and potential pitfalls involved.

Our expert presenter breaks down the key concepts, including the current inheritance tax thresholds, rules governing gifts, and exemptions available for gifting property to children. You'll learn about the seven-year rule, which determines the tax implications of such gifts based on the duration since the transfer occurred.

Additionally, we discuss practical tips for navigating the gifting process, including the importance of seeking professional advice from solicitors or tax advisors to ensure compliance with HM Revenue & Customs (HMRC) regulations.

Whether you're a homeowner looking to safeguard your assets for future generations or a family member interested in understanding inheritance tax planning, this video provides valuable insights to help you make informed decisions about your estate.

Don't let inheritance tax overshadow your legacy. Watch now and empower yourself with the knowledge to protect your wealth and secure your family's financial future.

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[Sarumanthewhite]

This is such a useful video, thank you so much for your professionalism Sir!

[aldrinsingh]

The last example of using the Trust to mitigate CGT & IHT - does it apply to a But To Let property too?

[hvop]

Could you please point me to resources including books regarding living trusts? Thanks

[iqbalbawa]

Hi Really good video thank you. Could you clarify something for me please. You said in your video at time 3.27 that there is £1, 000, 000 IHT lifetime allowance + RNRB. I thought the £1, 000, 000 includes the £175k x 2 = £350k RNRB so you don't get it on top of the £1m - is that correct? My second question is on the £1m allowance ( including RNRB) can this allowance be used to include a buy to let property jointly owned by a couple in addition to their main home ? Thank you.

[krichardson]

Can you transfer a Buy to let with no mortage outstanding to your child if they are currently power of attourney

[Walkedpizzia]

What about this theoretical situation; Parents own 3 houses all owned outright 1 primary residence and 2 that are rented out, the 2 rented houses were purchased at a very low price and subsequently would be valued at nearly triple the original purchase price. How would these properties be passed to two children/adults. Would a business be better? Or trust thanks

[elizabethaucott]

What if you don't have it in writing? My partners late mum gifted him the house and lived in it for years before she died. Well over 7yrs.

[jacquiwilliams]

How much does it cost to get advice and set something like this up?

[londonman]

is buy to let different to second home ?

[volt]

IHT needs revaluing it’s so disproportionate to hse prices. Not revalued for 18yrs.?..?

[rbir]

Thank goodness for a safety deposit box.

[pinnball]

If you use the 325k IHT allowance for buy to let property, then you no longer have this allowance for family home. Is my understanding correct?

[jon--]

Why did you say the settlor cannot be a beneficiary?

[qa]

Is it true that if someone has a house worth 327 thousand pounds and leaves it to their child in their will, will the child pay inheretence tax? or does the 500k threshold for leaving to childeren take effect and mean no inheritance tax is owed? sorry I'm new to this

[antonios]

I have lived in a house for 35years. No rental. Owner has dissappeared abroad. Claiming it as mine is not a problem, but would i have to pay tax on it?