How can I minimise inheritance tax on my estate?
- On May 18, 2022
- By GrowthInvest Marketing
A reader is concerned that IHT may impact his ability to repay his daughter a debt of gratitude
I have a worrying and unfair situation regarding inheritance tax (IHT). I am 90 and my daughter has given up a decent job to look after me. I live in a house valued at around £1mn, I hold equities worth c. £1.6mn and have cash and bonds worth £400,000. My solicitor said the house should pass down tax free, but that my investments would be taxed at their value less £325,000, times 40 per cent.
Currently I give £1,500 in total out of income each month to my two children. I have been told by brokers and solicitors not to transfer out of my company pension scheme – that it was the wrong thing to do. With hindsight I should have put everything into a self invested personal pension (Sipp).
I owe everything to my daughter who does so much for me and I do not want her to pay such an amount of tax. Can you help me solve this conundrum. I believe Australians pay no inheritance tax.
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