Saving on inheritance tax

hwalkerh

Inheritance tax is a large amount and also i am not really for it on the basis that you are taxed when you earn the money and then you die and they tax you more on the money.

What ways can you save on inheritance tax?

Can you sell a property to a son or daughter for a minimal amount? or is this not away around would you have to gift it?

Can you write in your will anything over the inheritance tax threshold i would like to gift to charity?
This would not be putting an amount as such but just if it is over. I am guessing that you don't pay inheritance tax if you give to charity. I think rather then say pay inheritance tax off £100k then gift £100k to charity and be under the threshold.

Any advice would be great as i am sure these ideas seem to simple to be viable! and i am missing something obvious on how they would get there money.

John_Pierpoint

This is a very complicated area.
BEWARE of simplistic suggestions that will save IHT but lumber you with CGT.
Can I suggest reading this Which? book when it is published in April?
(The previous version misses out a major change in the law in 2007)
Giving & Inheriting (Which?) (Which Essential Guides) [Paperback]

Jonquil Lowe (Author)

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