Inheritance tax explained Inheritance tax checklist

Checklist

  • The main ways to avoid IHT are to spend your money while you are alive or give it away

  • Work out how much IHT might be due on your estate and regularly review it so you know what you're up against

  • Find out if the new rules apply to you - IHT may no longer be a problem

  • If you set up special wills to deal with IHT go back to the firm that set them up to see if they are still relevant

  • Make full use of any tax-free gifts you can make whilst you are alive

  • Put life insurance policies under trust

  • If there's going to be a big IHT bill, think about taking out an insurance policy under trust for your heirs to pay the bill

  • Make a will if you don't have one - otherwise the people you want to inherit may not

  • Never take steps that might leave you struggling for money while you are alive in order to save tax after you've died

  • Remember - IHT is really someone else's problem, not yours

More on this...

Last updated:

April 2016

Updated by:

Ian Robinson

 

Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.