Women & Money Cafe Podcast

Easy Steps to Reduce Inheritance Tax

The amount of Inheritance tax paid in the UK has doubled in the last 10 years – to just over £6bn.

Unlike many taxes, early planning can have a big impact on reducing how much you have to pay. So be it for yourself, or your family, we are going to talk you through some steps you can take to reduce this tax bill.

Some of the ideas we share are simple and easy for you to implement. Other ideas, you really need a professional adviser to help you.

Example of an easy one, if you have any life cover, make sure it’s in a trust. Contact the insurance provider and they can provide you with the paperwork. 

One you don’t want to try and organise yourself is placing an investment in a trust. Different trusts are taxed differently and do different jobs. A professional can help you avoid a costly mistake. 

  • What is the Nil Rate Band and the Residence Nil Rate Band
  • Annual gift allowance of £3,000
  • Small gift allowance
  • Gifts for weddings & civil partnerships
  • Gifting from your income (no limit!)
  • Pensions are usually excluded from this tax
  • Trusts & wills
  • Gifting to charity can reduce the tax rate from 40% to 34%
  • Business relief (i.e. AIM shares)
  • When the 2 year clock starts, the 7 year rule, and beware the 14 year trap

7 Practical Ways to Avoid Inheritance Tax
Gift rules
Recording gifts IHT403


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YOUR HOSTS:
Julie Flynn
 is an experienced independent financial adviser and financial coach. Justice and equality drive Julie. Which is why she’s spent years studying and researching how stress affects our financial decision making.

She uses her years of experience and research to support women experiencing or planning significant change in their lives. 

Julie is best known for her work with women who have lost their partner and coaching financial services business who want to implement fair and transparent charges.

Ebb & Flow Financial Coaching | Bree Wealth & Tax | Instagram

Michelle Lambell  started her career in financial services as a Stockbroker in 1999 undertaking both advisory and discretionary investment management. Following a career break where she spent time being a mum and running an arts and crafts business, Michelle returned to financial services in 2013 undertaking further study. 

Today she is a Chartered Financial Planner, specialising in retirement planning advice, pensions and investments and a Certified Financial Coach. Michelle has a passion for providing financial advice, guidance and education to everyone, regardless of their gender, age or current circumstances. 
Website | Instagram

Cafe Expert:
Emily Pool is a Financial Planner and Will Writer and Founder of Happy Planet Financial Planning and is passionate about empowering people to invest their wealth (pensions and savings) sustainably and in line with their personal values

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Disclaimer: The information provided in the Women and Money Café Podcast and Website does not constitute financial advice and nor should it be taken as such. They are thoughts and discussions in around money and possible options available to you. Whilst all attempts are made to provide accurate information at the time of publishing you should seek your own clarification . Should you require advice for your specific set of circumstances contact a qualified, authorised financial adviser directly.

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