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Retirement / Drawdown / IHT Planning - What would you do and questions to ask IFA?
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. Consider putting some money into a Charities Aid Foundation account (you'd get income tax relief) and get your kids to help work out which specific charities should get the money.
Also any direct gifts to charities whilst you are alive, are not subject to the seven year rule.
Plus if you leave more than 10% of your IHT liability to charity in your will, it also reduces the tax rate for IHT from 40% to 36% for the rest.
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