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.

Click here to read the full article 



020 7071 3945


Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.