MINIMISE INHERITANCE TAX
Inheritance tax (IHT) is a charge on your assets on death. Lifetime gifts made in the seven years before your death can also be brought back into account for tax purposes.
IHT is also charged where an asset appears to have been given away but where, in fact, you retain the use of that asset.
When you die, the IHT charge on your estate is at 0% on the nil rate band at 40% on the remaining balance.
The nil rate band is currently £325,000. However, the nil rate band available on your death can vary as it can be used up by lifetime gifts made in the seven years before your death.