Inheritance Tax Planning?

Albermarle

One relatively simple way is to leave a significant sum to charity in your will. 
The gift itself will be taken out of IHT calculations and the IHT tax rate will reduce from 40% to 36%.
Reduce inheritance tax by leaving a gift to charity | Hill Dickinson

Aretnap

Keep_pedalling said:
Gifting is the simplest way to potentially reduce your IHT liability, it may also be possible to cover an unfortunate early demise with a term life insurance policy.

Spending (some of) the money on a fast car and a round the world cruise is even simpler.

jaceyboy

Aretnap said:

Keep_pedalling said:
Gifting is the simplest way to potentially reduce your IHT liability, it may also be possible to cover an unfortunate early demise with a term life insurance policy.

Spending (some of) the money on a fast car and a round the world cruise is even simpler.

Exactly spend it, dont let the scoundrels get hold of it to waste away

DiamondLil

jaceyboy said:

Aretnap said:

Keep_pedalling said:
Gifting is the simplest way to potentially reduce your IHT liability, it may also be possible to cover an unfortunate early demise with a term life insurance policy.

Spending (some of) the money on a fast car and a round the world cruise is even simpler.

Exactly spend it, dont let the scoundrels get hold of it to waste away

And give it to their mates. And their ducks.

LHW99

jaceyboy said:

Aretnap said:

Keep_pedalling said:
Gifting is the simplest way to potentially reduce your IHT liability, it may also be possible to cover an unfortunate early demise with a term life insurance policy.

Spending (some of) the money on a fast car and a round the world cruise is even simpler.

Exactly spend it, dont let the scoundrels get hold of it to waste away

You could buy an annuity with some of that. It would reduce the amount in the estate, wouldn't (I suppose) be classed as deprivation of assets, and you could use the income to do the world cruise, fast car (- give it away - regular gifts from income aren't taxed) etc. Unless you want to leave it after you pass, use an IFA to get the best income and enjoy it.