Planning for inheritance tax
So, you want your family to pay more inheritance tax on your death? How very public spirited of you! HMRC will take your money, the chancellor will watch the exchequer grow - but your executors won’t be getting any thank you notes for your post-death generosity, says Mike Fleming.
Let’s take a look at what you can do in your lifetime to reduce the amount of IHT your family will have to pay when you die. An opening caveat - when does proper tax planning transgress into unacceptable avoidance or even evasion? The answer: who at this time really knows? Not even HMRC seem to know with any degree of certainty and the expected introduction of a GAAR (General Anti-Abuse Rule) will only further muddy the waters.