There are numerous ways in which you may seek to avoid or reduce the amount of Inheritance Tax you would be liable to pay.

Successful ways of doing this include gifting some of your estate, setting up an appropriate Trust and taking out a policy to cover the liability.

Due to the legal and tax implications it is impossible to give out ‘one size fits all’ advice regarding this issue as each person’s individual circumstances need to be assessed first to indentify the solution most suitable for them.

Here at The Probate Bureau, with the assistance of our sister company TPB Financial Services, we are able to give personalised advice regarding estate planning, taxation, investment advice and Trustwork. If you are worried about an Inheritance Tax liability in your estate call us free on 0800 028 2837 for a complimentary assessment of your situation.

The most direct and simple way to avoid Inheritance Tax is to make gifts while you are still alive.

Each year an individual can give away £3,000 of their assets, which does not count towards your estate for Inheritance Tax.  If you fail to use your full exemption in one year you are able to carry it forward to the following year. You can only carry forward one years exemption.

Another tax exempt way is to make Gifts of up to £250 to any number of different individuals.  You may not provide both types of Gifts to the same person.