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How Can I Avoid Inheritance Tax ?
The inheritance tax rate is 40% of the value of the estate which is over £325,000. It will be paid by the executor using the estate’s funds. Inheritance tax will not be charged if it is stated in your Will that your property is to go to solely to your spouse or civil partner. If you die intestate there may be dispositions to other family members and tax will be charged on this.
If you have a life insurance policy this should be put into a trust. Trusts can be utilised in other ways to avoid inheritance tax. Additionally, if you make tax-exempt gifts to your intended beneficiaries at least 7 years before your death, these dispositions will not be calculated as part of your estate.