Inheritance Tax planning requires careful analysis

04-Jul-2015 #Globalwealth Source: Farming Life

Inheritance tax planning can get complicated and the list of exemptions need to be evaluated carefully to get the maximum benefit. Each spouse has a lifetime exemption of £325,000. In addition there is the annual gifts allowance of £3,000 per year per spouse and the marriage gifts allowance of £5,000 per parent or £2,500 by a party to the marriage. Also there are two major reliefs: Agricultural Property Relief (APR) and Business Property Relief (BPR).

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