Inheritance Tax Exemptions - November 2009
Are you making use of your IHT exemptions? If you have excess cash or assets and want to give them away yet are concerned by the impact of Inheritance Tax there are a number of exemptions that can apply to reduce or cover any tax that may arise from these transfers.
Up to £3,000 each year can be given away without any IHT consequences.
There is a small gifts exemption that allows you to gift up to £250 per individual, per tax year.
You can make a gift to an individual on marriage. For example if your child is getting married you will receive an exemption of £5,000 against any consideration given upon marriage.
To find out more information about the possible exemptions and benefits or see how IHT can impact you and your family, please email Barry at barrye@wellsassociates.com
These notes are for guidance only and no liability attaches to this firm or partners due to losses incurred by you in relation to the reliance on the content. It has been written in general terms and is intended as a guide only. Professional advice should be sought regarding your specific situation and the application of the above.