Gifting as part of normal expenditure out of income
Learn how normal expenditure out of income can be used in holistic planning for your clients.
Inheritance tax taper relief
When taper relief applies and how it can reduce the tax that needs to be paid on lifetime gifts.
Learn how taper relief works in the UK
Inheritance tax taper relief is widely misunderstood, particularly when it applies and what it reduces.
This briefing note clarifies that IHT taper relief applies only to inheritance tax payable on certain lifetime transfers and does not reduce the value of the gift itself. Examples of inheritance tax taper relief show how the percentage reduction in tax changes over time and how inheritance tax taper relief interacts with the nil rate band, helping you to assess whether, and to what extent, it can mitigate the tax on earlier gifts.
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