IHT 'less of a concern'

Most people "need not worry about inheritance tax" (IHT) because couples are now allowed to pool their inheritance tax allowances, according to a newspaper.

British publication the Mirror claims that as the majority of people do not have an estate which is worth more than £600,000, couples can now inherit estates without paying charges.

There has recently been opposition to IHT because rising house prices have meant that a large proportion of people have been liable to pay it.

Solicitors and accountants in Northern Ireland can help customers avoid paying IHT by showing them ways to gift sums of money.

For example, up to £3,000 can be given away in each tax year as well as an unlimited number of smaller gifts.

Larger grants can also be given for weddings. Up to £5,000 can be given to a child when they get married, a wedding of a grandchild can attract £2,500 and anyone else getting married is allowed to receive gifts of up to £1,000.

The newspaper recommends investing in an Isa and ensuring that the maximum amount is invested in a child's trust fund.

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