Making the Best Use of your Inheritance Tax Allowances

The Residence Nil Rate Band (‘RNRB’) will be fully in force from 6th April 2020, when it will increase to £175,000. When added to the ‘ordinary’ Nil Rate Band (‘NRB’) of £325,000, each individual will be able to leave up to £500,000 inheritance tax free. Any proportion of the NRB and RNRB which is unused…

Should I give my house to my children?

For many, the family home is the most valuable asset they have. This leads some people to consider gifting their house to their children during their lifetime, to reduce the value of their Estate for inheritance tax, and to protect the house from care fees. But does this work? Gifting your property If the entire…

Gifting assets into Trust

Many people are keen to pass assets and wealth to their families, but worry that the assets they give away will be used unwisely. By gifting assets into Trust, you can reduce the value of your Estate for Inheritance Tax (provided you survive the gift by seven years), whilst also retaining control of those assets. If assets are gifted…