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Inheritance Tax UK: How Britons can eliminate a significant IHT bill - actions to take | Personal Finance | Finance

| UPDATED: 15:23, Wed, Jan 20, 2021
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Inheritance tax is payable on the estate of someone who has passed away, and is set at 40 percent above a particular threshold. Generally, this threshold is set at £325,000, but can vary dependent on a person’s circumstances. For those who are left behind with a tax bill to meet, the burden can often be significant, and many will be looking for ways to reduce, or even eliminate their tax liabilities. ....

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Inheritance Tax UK: Britons fear Rishi Sunak tax raid due to COVID-19 costs | Personal Finance | Finance

| UPDATED: 21:54, Thu, Jan 14, 2021
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Inheritance tax is payable on the estate - the money, property and possessions - of a person who has passed away. It is set at 40 percent above a certain threshold, which usually stands at £325,000. However, as government spending has increased within the last year to fund the fallout of the ongoing COVID-19 crisis, there has been speculation as to whether taxes will rise. ....

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Inheritance Tax UK: The 'double whammy' tax and rules which could cost thousands | Personal Finance | Finance

But there are strict rules on continuing to live in a property after it is given away.
Rent must be paid to the new owner at the going rate for similar local rental properties, a person must pay their share of the bills, and must also live in the property for at least seven years, the government has explained.
Many people are unaware of such rules and their loved ones may be in for a nasty shock when it comes to a tax bill later down the line.
Ms Roche acknowledged people’s motivations to take such action are often varied. ....

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