When do I have to pay INHERITANCE TAX UK

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For all of us, a big question is when do I have to pay inheritance tax?
Not only is it importance to know when you have to pay inheritance tax, but also, and of equal importance, is knowing how to avoid inheritance tax UK.
Here we look at 6 top tips to avoid inheritance tax in the UK or how to reduce the amount of inheritance tax you may have to pay. We look at the nil rate band for inheritance tax, rules of intestacy, rules around gifting, tax deductible charity donations, how to remove assets from your estate legally and how to protect your home so that you do not need to sell it to cover care home fees. We also explore whether pensions are subject to inheritance tax.
Even if your estate falls below the inheritance tax threshold, it is still important to do estate planning to ensure that your assets are inherited in accordance with your wishes rather than the rules of intestacy and so that the probate process and liquidating your assets goes smoothly.
We also explore how to protect your ISA from inheritance tax, additional permitted subscriptions, AIM stocks and using trusts to protect assets.
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Key HMRC Inheritance Tax Links:
HMRC Gov.uk Inheritance Tax: www.gov.uk/inheritance-tax
HMRC Gov.uk Inheritance Tax Gifts: www.gov.uk/inheritance-tax/gifts
HMRC Gov.uk Inheritance Tax Gifts IHT403 Record form for Gifts: www.gov.uk/government/publica...
HMRC Gov.uk Inheritance Tax - Business Relief Tax: www.gov.uk/business-relief-in...
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Keywords:
Bouncing Back, when do i have to pay inheritance tax uk, how to avoid inheritance, how to avoid inheritance tax, how to avoid inheritance tax uk, using trusts to protect assets, avoid care home fees, top tips to avoid inheritance tax uk, inheritance tax and how to avoid it, inheritance tax explained, how to avoid care home fees uk, estate trust planning uk, estate planning basics, inheritance tax and taxes uk, are pensions subject to inheritance tax, avoiding inheritance tax
DISCLAIMER: This is NOT financial advice, it is financial education. Be sure to seek a professional financial advisor for advice tailored to your needs.
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Опубликовано:

9 июл 2024

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Комментарии : 70

@marklittler784 Год назад

Duke of Westminster aged 27 and his sister inherited £2 Billion inheritance tax free

@mikeroyce8926 3 года назад

Thank you Helena. You have covered in a very simple but helpful way something that is quite time consuming to uncover - how to calculate the Residence Nil Rate Band (the £175,000 extra threshold that may apply to some estates).

@runningman5871 2 года назад

Amazingly clear vidwo, thanks. Cleared up a lot of my questions.

@BouncingBack 3 года назад

There are a number of ways to reduce or eliminate the amount of inheritance to be paid on our estate or the estate of our families. Here are top tips to help you plan to avoid or reduce paying inheritance tax, which is an average of £200k in the UK.

@petewitkowski5315 Год назад

To avoid inheritance tax just get in touch with the little man Charlie at the Palace. He is an expert on how not to pay inheritance tax.

@billhicks6070 5 месяцев назад

Thank you Helena for this simple, clear and helpful video. Useful at a stressful time.

@EdmundBaileyUK 3 года назад

Well done Helena!! Really useful info on an area that is and will impact on more and more people! Thanks 🙏

@BouncingBack 3 года назад

Thank you, glad you found it useful

@serraios1989 3 года назад

Very useful, thank you

@MadderPrinciple 3 года назад

Excellent video, so helpful, as always!

@BouncingBack 3 года назад

Thank you!

@stevethomson7936 2 года назад

Just for info, the care home funding guidelines from the Scottish Government say that putting your property under trust would not avoid care home fees.

@Gutenmorgenside Год назад

Well explained.

@robbloom272 3 года назад

Very useful information - thanks

@BouncingBack 3 года назад

Thanks

@lerouretan1937 Год назад

Hello Helena, I am using the gift out of income for my father's probate, but find the regularity part very vague: how strict is HMRC on the regularity: for example will payments of say between £1000 and £2000 every three months, but not on specific date be acceptable as "regular". And the other question, is it okay if these payments were to different members of the family? Son and Grandchildren for example? Or must they be to only one designated person (at any one time)?

@malvanlondon8683 9 месяцев назад

Thanks for the very helpful video. Is the deceased's ISA savings - if given to their children - taxed at 40% ?

@Mike-ot6lb 2 месяца назад

Many thanks for this video. Need a video on how to fill in how to value someone's estate. Do you have one?

@dipeshmistry8797 3 года назад

Thanks for sharing

@BouncingBack 3 года назад

You're welcome

@lawrie3448 Месяц назад

Trying to plan ahead - inherited my wifes family home and it was seperated between me,my wife and my son . We have listed it as tenants in common and both named our son as the beneficiary of the deceased section of the ownership . Is this taxable - bearing in mind that the survivor doesn’t own the part that the deceased has left ! We have done the same with our main home - does tenants in common alter the validity of our main home claim ?

@musheopeaus4125 3 года назад

Excellent video . I had to trawl though so much pointless dross to find this gem

@BouncingBack 3 года назад

Really pleased it was useful - thank you

@stevanharrison Год назад

Yes spend it and enjoy while you can

@tarakkhandakar 2 года назад

Hi quick question, my dad owned a home worth 800k, my dad didn't use his 325k threshold allowance. Now my mother owns the home. If she sells and gifts the children cash of 700k. do we only pay inheritance tax on anything over 650k? (the 50k) if she passes away within 7 years?

@mikeroyce8926 3 года назад

I have a suggestion for you Helena. A while ago I spent ages looking for my late father's will. I could find a photocopy, but I couldn't find the original will. Then an accountant pointed out to me that the Probate Office keep the will, before granting probate. Have you tried asking the probate office if they could help you trace the "missing" will?

@BouncingBack 3 года назад

Thanks for the tip, my father-in-law died long before probate existed. We paid for a will search and nothing came back. Anyhow, after getting my MP involved, the probate office granted the probate the end of last week so all is sorted now - finally!

@marklittler784 Год назад

Probably better making written copies of wills sometimes even solicitors loose them, can register will too.

@roymichaeldeanable 2 года назад

The Probate Office isn't the problem...the problem lies closer at hand

@marklittler784 Год назад

Best of my knowledge a trading company gets passed to relatives inheritance tax free like a sweet shop if it's been trading at least two years a company is only few hundred to form. But check with accountant yourself.

@nixodian Год назад

7yr rule ,so if survive longer than 7 yrs the amount that you gifted is iht free, but cgt free? does it meaning gifting any amount? gifting to whoever?

@davidtrunks4758 Год назад

Misleading video - It's entitled "when do I have to pay inheritance tax UK" but after watching the whole 15 minutes it does not answer this question whatsoever. It only tells you how to avoid some of the tax. For example is it due BEFORE I sell the property?

@ritathomson9764 Год назад

So if you inherit 50,000 in the bank and a house worth 75,000 you don’t have to pay inheritance tax is that correct ?

@marissakeynes2532 Месяц назад

It's disgusting how the Govt tells us how much we can gift out of our own money which has already been taxed.

@amandadodgson2444 Год назад

Very informative..thanx..

@petekelvin2736 3 года назад

So hard to find nice content like this. I don't know who, but someone actually needs to hear this, you've got to stop saving all your money. Venture into investing some, if you really want financial stability

@petekelvin2736 3 года назад

Invest globally in bitcoin, gold, silver, forex market, commodities. Just don't be left out and save yourself

@micheal9186 3 года назад

Beautifully said, I tell my folks these words everyday. It's good to save money but most people don't understand the market moves and tend to be misled in facts like this and always depend on money in the bank.

@investwithqueenie5491 3 года назад

I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do because i have no idea of how and where to invest in these?

@petekelvin2736 3 года назад

@@investwithqueenie5491 Hey, this is a computer age. Peeps who aren't even traders make money from the crypto and forex markets ,how many millionaires do you know who have become wealthy by investing in savings accounts?

@investwithqueenie5491 3 года назад

@@petekelvin2736 yea. You’re right. The fact is I have not done this bitcoin before but have been hearing about it. Do you know any professional broker you could refer me to?

@tommydaye Месяц назад

If I want to give my Sister and her family £10,000 each will they be libel to pay tX on this ,

@hankbarnes8674 3 года назад

Is life policy is also subject to inheritance tax? I assume it is.

@BouncingBack 3 года назад

If it forms part of your estate then yes. It is possible to set up life insurance within a Trust, that way it is kept separate from your estate and therefore exempt from inheritance tax.

@floswason8776 7 месяцев назад

Sounds like she’s in Britain we are one month away from 2 years waiting for brothers will to get disposes You pay 40% of money over 325 pounds I’ve checked NYS you pay tax on anything over $1.6 million federal tax comes after you get anything over $40,000,000

@brianshefford2317 9 месяцев назад

Inheritance tax is a money spinner for hmrc they won't be in a hurry to cut it anytime soon it's all about the money as always

@joehayes819 2 года назад

Hi, I’m just wondering my grandad has left me and my brother 25% and my mum 50% of his property valued at 280k (probate) now because I will be receiving 25% and I own another property under 125k will I be subject to any tax? My brother and mother the other recipients do not own a property as of yet? Thanks

@richardmurphy4520 2 месяца назад

Fair share !? 40% !!!

@jakestablettableto9453 2 месяца назад

Channel owner hearted a bot comment promoting scams, wouldn't listen to a word

@lenb9037 9 месяцев назад

Nice to know if you leave all your estate to the political party who brought in inheritance tax to steal from you then no inheritance tax would be due.

@twig3288 2 месяца назад

Did you say the government wants its FAIR share? Define fair

@donmckechnie9858 Год назад

The gov doesn’t tax you to death. Wha wha! The gov builds roads, schools, pays police, etc! People that avoid a reasonable inheritance tax is a deadbeat. We cannot continue to concentrate wealth.

@ianreed7605 7 месяцев назад

Somewhat narrow minded. Some people are careful with money and consequently have substantial amounts to leave. Some people spank all their money and are left with very little to give. Inheritance tax penalises you for being careful, prepared and smart. It’s zilch to do with concentrating wealth.