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    • Home • Advice • Common questions

    Any guides on passing your money and property on without your heirs paying a fortune in inheritance tax?

    30 November 2021

    Question by Derek

    Have you any simple guides to passing your money and property on without your heirs paying a fortune in inheritance tax?

    Answered by Boring Money

    Hi Derek,

    The first step is to ensure you have enough money for your own needs for the rest of your life.

    Once you have confirmed that, then we can look at the best way to pass it into your heirs.

    A few quick wins:

    1. The first gift of £3,000 per year should not incur IHT

    2. Gifting to £250 per heir each tax year should not incur IHT

    3. Gifts from your income (rather than your capital) should not incur IHT, as long as it does not affect your lifestyle

    4. Wedding gifts of £5,000 per child should not incur IHT


    There are lots of other ways we can mitigate IHT and which options are available will depend on your personal circumstances.

    I hope this helps you get started and do feel free to get in touch.

    Josh

    Answered by

    Boring Money

    Here to help you understand your options and make smart money choices.

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    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
    Risk warningAs is always the case with investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.
    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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