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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15742
Experience:  International tax
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I believe there is a way of preventing my daughter from having

Resolved Question:

I believe there is a way of preventing my daughter from having to pay a huge amount of inheritance tax if I pass on some of my assets to her before I die. Could you explain what is possible and what I have to do, please.
Thanks in advance.
Jutta
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
If you give something to a family member who is not your spouse or civil partner, so that you no longer get any benefit from it, the value of the gift will still be included in your estate for Inheritance Tax – but only for seven years.
So, if you give one of your child some money, and you live for another seven years , it won’t be counted as part of your estate when you die.
Anyone who received a gift from the deceased in the 7 years before they died may have to pay Inheritance Tax if the deceased gave away gifts worth more than £325,000 in that time.
A gift to a Bare trust is a Potentially Exempt Transfer (PET) and is outside your estate when you survive for seven years from the date of the gift. If pass away within seven years the PET fails.
If you are not able to take avoidance action, then you could make provisions for paying inheritance tax when it is due. An Insurance policy for example.
Inheritance Tax is paid if a person’s estate (their property, money and possessions) is worth more than £325,000 when they die.
TaxRobin and 3 other Tax Specialists are ready to help you
Customer: replied 2 years ago.

No, thank you.

I have asked to cancel my account before the free trial period runs out and to send me a refund of the £36 charged to my credit card. Thanks very much in advance.

Jutta

Expert:  TaxRobin replied 2 years ago.
Thank you for alerting me that the amount credited to me will be removed.
I sincerely ***** ***** information provided is helpful to you.
Customer: replied 2 years ago.

I did not intend the £5 credited to you to be removed, but simply asked that the £36 taken from my credit card (so I was informed) is refunded to my account.

Jutta

Expert:  TaxRobin replied 2 years ago.
Customer Support will be able to do whatever it is you requested of them.