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Cut Inheritance Tax By Living For Seven Years!
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It may sound strange putting a time limit on saving inheritance tax, but one of the most popular methods of looking to reduce an inheritance tax bill does rely on this fact.
Essentially, if you make a gift to an individual and have no direct or indirect benefit from the assets as a result (for instance rent on a property) then the money on that gift will fall outside your inheritance tax bill after a period of seven years.
And between three and seven years there is a sliding scale of how much counts and therefore has inheritance tax levied on it.
Therefore this is a very popular avenue used for trying to reduce the inheritance tax burden - this type of investment in the fancy jargon is called a potentially exempt transfers, or a PET acronym
Essentially, if you make a gift to an individual and have no direct or indirect benefit from the assets as a result (for instance rent on a property) then the money on that gift will fall outside your inheritance tax bill after a period of seven years.
And between three and seven years there is a sliding scale of how much counts and therefore has inheritance tax levied on it.
Therefore this is a very popular avenue used for trying to reduce the inheritance tax burden - this type of investment in the fancy jargon is called a potentially exempt transfers, or a PET acronym
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