How do you avoid paying inheritance tax?

Sell all your assets over Â£300k (for example your house) & spend the money.

If you have a Mansion you want to leave to the kids, gift it to them now, move out (if you contiune to live in it, you MUST pay them a Comercial Rent OR it will be deemed to still be your property) and live at least another 7 years.

Otherwise, sell it now, buy a smaller place and spend spend spend ..

IHT is 40% of any sum inherited over Â£300,000 if they give you everything before they die then they have to live for 7 years after giving it to you, then you will not get charged and IHT they look back 7 years into it basically. So if your parents are still alive get them to sign everything over to you now and hope they live for 7 years more other wise you will have to pay IHT

your allowed a one of gift of 5grand and Â£300 per year there after that is it matey

The only people who dont pay IHT are spouses for instance husband dies leaves everything to wife then she wont pay IHT but if he leaves it to a son then yip you HAVE to pay it

What a Shitty TAX!!!

very interesting answers I have learned something

The deceased doesn't pay it.. His estate does and so reduces the amount available for distribution to the beneficiaries under the will/ Either spend everything and don't leave anybody anything or you transfer ownership of everything ten years before you die.

Drink from the fountain of youth.

have things left to you now, as gifts

have parents that own sweet f--- all

This is a question that a lot of people are going to be asking themselves now that house prices have risen so fast and pushing the value of ordinary people's estates into the inheritance tax bracket for the first time.

Let's be quite clear about inheritance, or death tax, as it is better known. The people who originally were supposed to be paying this tax, the rich, the aristocracy etc., actually have never paid it.

There are ways of avoiding death tax, here are a few choices: -

Avoiding Inheritance Tax with Discretionary Will Trusts - UK Will ...Avoiding inheritance tax with a will trust is perfectly legal and leaves you in ... this should be the cornerstone of most married coupleâ€™s tax avoidance ...
http://www.avoidinginheritancetax.com

BBC NEWS | Business | Capital gains and inheritance taxIt is unlikely to be abolished, as it would open up a huge tax avoidance loophole ... Inheritance tax (IHT) affects a growing number of people in the UK ...
http://www.news.bbc.co.uk/1/hi/business/2966704.stm

Review: How to Avoid Inheritance Tax How to New legislation came into force in the UK in 2005 to crack down on loopholes allowing for the legal avoidance of inheritance ...
http://www.shelteroffshore.com/index.php/investment/more/how_to_avoid_inheritance_tax

Inheritance tax planning, IHT and gifting allowances in the UK Inheritance tax planning and avoidance, estate planning and IHT advice from Westerby Investment Management on all aspects of financial planning and ...
http://www.westerby-investment.co.uk/inheritance_tax_planning.htm

Last year [2006-2007] some 1.9 million Brits left UK to go and live abroad. Perhaps they left UK to avoid inheritance tax, or maybe they know something about future tax that we don't.

Put this note somewhere and remember to read it out loud to yourself from time to time.

In the 19th century, a famous British PM Benjamin Disraeli, once said, "Everything is taxable". Always bear this in mind, because he was a reforming Tory who wanted to rid England of poverty and he also knew that in order to achieve this he would need to tax the rich until it hurts. Problem is most of us, even us poor ragged pensioners who bought houses way back, are now classified as 'well off'.

No more, it just wants to make you weep. I saw one guy on TV a pensioner now in his early 80. His mother bough the house where he now lives for a mere Â£800. It is now climbing rapidly towards that fateful figure when death tax will have to be paid. The family home is at risk.

Good luck!

Edit: Dogdanglies above has made a serious point re marriage. The same rules apply to same sex marriage. So whatever your circumstances, marry someone and avoid the tax - well at least be able to pass everything on to a partner. If he she then marries again after you've gone, guess it can carry on to the next etc.

When your gone you don't have to pay tax... To avoid tax to the inheritors --- need to liquidate and all assets are put into cash. Or you give things to the right person and sign off... When you take the dirt nap you own nothing to be inherit...
NO TAX

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