Accounting expert provides must know inheritance tax tips
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For those seeking clarity, Accountant Glasgow offers a candid look into this complex area. Stripping away the jargon and focusing on the essentials, their approach prioritises genuine understanding over technical overwhelm.
As the intricacies of inheritance tax become increasingly prominent for families across the UK, David Adam, renowned expert and owner of Accountant Glasgow, offers invaluable insights and top tips to navigate this complex realm.
With a passion for simplifying the complexities of financial matters and decades of experience serving the Glasgow community, Adam's advice is both trusted and sought-after.
David Adam's Top Inheritance Tax Tips:
Utilise Annual Exemptions: Each year, individuals can give away up to £3,000 without it being added to the value of their estate. Any unused exemption from the previous year can be carried forward, but only for one year.
Gifts from Income: Regular gifts made from after-tax income, which do not reduce your standard of living, might qualify as ‘normal expenditure out of income’ and could be exempt from inheritance tax.
Potentially Exempt Transfers: Gifts given more than seven years before you die are generally not counted towards the value of your estate for inheritance tax purposes.
Consider Life Insurance: A life insurance policy, when written in trust, doesn't form part of the estate and can be used to cover any inheritance tax bill.
Leave a Legacy to Charity: If you leave at least 10% of your "net estate" to a charity, it can reduce the rate at which inheritance tax is charged from 40% to 36%.
Seek Expertise on Trusts: Trusts can be a beneficial way to control where your assets go after your death while also saving on inheritance tax. Speak with a professional to ensure the trust setup is suitable for your circumstances.
Review Your Will Regularly: Life changes and so do tax rules. Regularly reviewing and updating your will ensures it aligns with both your current wishes and the most recent tax guidelines.
David Adam comments, “Inheritance tax can seem daunting, but with the right planning, families can ensure their hard-earned wealth is passed on in the most efficient way."