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Sam, Accountant
Category: Tax
Satisfied Customers: 7520
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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What do I have to do to pass 3% of my estate on to my son each

Customer Question

What do I have to do to pass 3% of my estate on to my son each year tax free?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi You have three ways to consider this1) transfer just up to £3000 a year which falls within the gift remit which allows this to be exempt from Inheritance tax consideration2) Transfer 3% but if in excess of £3000 a year then should you not survive more than 7 years from the date of making each gift, then its value is added back into your estate for Inheritance tax consideration3) set up a trust but you need to build within this your needs and requirements (there are many trusts) and I have added a link here which explains them all and the annual tax implications and capital gain implications Let me know if you have any follow up questions Thanks Sam But in all cases other than the first suggestion please do seek legal advise and independent financial advsie