Can I avoid inheritance tax in UK by selling all my assets to my children for a nominal small fee?

Question

Like many I feel inheritance tax is PARTICULARLY unfair here in the UK as it is not a tax on your income or your liquid assets, so it can force you to lose items of sentimental value to comply with the law.

Answer 1

Yes. As long as it's at least seven years before your demise. Would you like to adopt me??

Answer 2

See a solicitor. I had to go to a sols with my parents for the same thing.

NB If you sell your house to you children and you then go bankrupt the sale can be set aside by the courts unless you have defective title indemnity insurance. I don't know if its the same for other assets though, work in mortgage company.

Answer 3

You steer away from inheritance tax via inheriting decrease than £312,000 or some comparable volume, the tax is ideal to money or components transferred to businesses or trusts. heading off tax is termed 'tax evasion' and is against the regulation you will lose so plenty greater money via doing this than you need to wish to income.

Answer 4

Just put your assets in their name it`s cheaper and not as long winded. Just don`t tell them. Your will should tie up the loose ends.

Answer 5

put things in your childrens names well in advance,years is best.works like that with a pension too,put money saved in your childrens accounts in advance,then get a goverment pension,and draw out as much as you need from your kids,saves being means tested

Answer 6

Yes, but you have to do it 'x'number of years before you die. I think its 7

Answer 7

points