Ndubuisi Egwim explains how UK Inheritance Tax works: estates over £325,000 face a 40% charge, but gifting, trusts, spousal exemptions, and pension planning can reduce it. Couples can combine thresholds to £600,000.
£325,000
£600,000
40%
Two hours
Before April 1st
Number 7 not planning for inheritance tax. If your estate is worth over 325,000, that's 600k for couples. Your family could lose 40% to inheritance tax. You can fix it now. You can use gifting allowances and put assets in a trust like something like your life insurance. You can put in a trust to ensure that payouts are not taxed and even consider things like spousal exemptions and of course, pension planning. Speak to a competent advisor if you need help in this Right if you've come this far and you're enjoying so far what you've been learning, feel free to hit the like button and the subscribe button. If you want a deep dive into these tax areas, join my Tax hack X Ray Challenge for Doctors and Healthcare Professionals. It will be a two hour session where we use a fine tooth comb to go over all the tax areas and more and Compare checklists before April 1st.
