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Gifts and inheritance tax
How gifts can reduce your liability for inheritance tax.
Inheritance tax (IHT) at 40% is due on the portion of a person’s estate that exceeds £325,000. This can be reduced to 36% if 10% (or more) of the estate is given to charity.
Married couples and civil partners can transfer any unused allowance to their spouse, meaning the nil-rate band can potentially double to £650,000. Although leaving an inheritance has traditionally been a key part of estate planning, attitudes are changing.
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