This is a useful method for allowing beneficiaries of a Will to rearrange the distribution of the deceased`s estate.
We have all heard recently heard how Charities have been struggling financially during this current pandemic. Which is why it is important now more than ever to consider perhaps leaving them a legacy in your Will.
No inheritance tax is payable on gifts between spouses or civil partners as long as both parties are domiciled in the UK. This is often used as a basic method of IHT avoidance.
As Inheritance Tax (IHT) is calculated on the value of the estate at death (the assets that you leave when you die), reducing the value of the estate through gifts is the most basic form of IHT planning.
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