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Cut Inheritance Tax By Making Small Gifts
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One other useful method that you can use to cut inheritance tax is by making lots of small gifts.
A small gift in the UK currently qualifies as a sum that is up to £250 in value.
In fact, you can give this sum to any number of people and it will be free of inheritance tax. Therefore this is something to also be considered. If, for instance, you are a grandparent with a large family, then you can give everyone in your family £250 a year, as can your partner; over a number of years this can lead to a significant amount of money that will be free of inheritance tax!
A small gift in the UK currently qualifies as a sum that is up to £250 in value.
In fact, you can give this sum to any number of people and it will be free of inheritance tax. Therefore this is something to also be considered. If, for instance, you are a grandparent with a large family, then you can give everyone in your family £250 a year, as can your partner; over a number of years this can lead to a significant amount of money that will be free of inheritance tax!
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