2007-06-13 23:19:26 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
To avoid Inheritance Tax you can 'gift' assets to your dependants now - but you will need to live at least 7 years for them to avoid all IHT.
You will need to show it's an absolute unconditional irrevocable gift - if (for example) you continue to live in your house after 'giving it away', then you have to pay a market rate of rent (otherwise it will not be counted as a true gift).
If we are talking houses here, you should see a Solicitor about making a will.
2007-06-13 23:36:21 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
Well tell us what the "situation" is and we'll try to help.
Details of age, relations, relationships, assets (in broad terms) etc would be useful.
2007-06-14 10:25:28 · answer #2 · answered by Do not trust low score answerers 7 · 1⤊ 0⤋
iht what is that
2007-06-13 23:21:49 · answer #3 · answered by mandy 3 · 0⤊ 1⤋