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More inheritance tax bills being reduced by giving money away
24/04/2008
The number of people giving away money before they die in order to reduce the inheritance tax (IHT) bill liable on their death is on the increase, according to Forum Wealth.
Research by the independent financial advisory group discovered that more people are also trying to reduce the confusion over where their money will go upon their death by donating their money to good causes and relatives before they die.
Solicitors in Northern Ireland are helping people who have seen their wealth increase drastically through rising house prices to reduce their bills through better financial planning.
Director of Forum Wealth Ian Wilson said: "First generation wealth are becoming more aware that the likes of second and third generation wealth have always done this."
IHT is payable at a rate of 40 per cent of the value of any estate over £312,000 and has to be paid by someone's will executors before they are able to manage someone's assets and distribute them among beneficiaries.
Contact us for legal advice
Research by the independent financial advisory group discovered that more people are also trying to reduce the confusion over where their money will go upon their death by donating their money to good causes and relatives before they die.
Solicitors in Northern Ireland are helping people who have seen their wealth increase drastically through rising house prices to reduce their bills through better financial planning.
Director of Forum Wealth Ian Wilson said: "First generation wealth are becoming more aware that the likes of second and third generation wealth have always done this."
IHT is payable at a rate of 40 per cent of the value of any estate over £312,000 and has to be paid by someone's will executors before they are able to manage someone's assets and distribute them among beneficiaries.
Contact us for legal advice
