Tax Insider Tip: Tax Planning Nobody Will Rush To Try!
‘In this world nothing can be said to be certain, except death and taxes.’
This is a well-known quotation attributed to Benjamin Franklin. To prefer not to think about one’s own mortality is normal and natural. However, tax is a consideration both during lifetime and on death. It is therefore prudent to consider steps to mitigate tax in respect of each.
Most taxpayers (and advisers) associate death with inheritance tax (IHT). However, in some cases, forward planning is possible for other tax purposes.
In a recent issue of 'Tax Insider’, Mark McLaughlin looks at tax planning on gifts between spouses or civil partners that might help some couples at a time they would probably prefer not to think about.
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