{"id":416,"date":"2017-10-03T00:00:00","date_gmt":"2017-10-03T00:00:00","guid":{"rendered":"https:\/\/taxbakv2.wpengine.com\/index.php\/2017\/10\/03\/what-are-tax-free-transfers-for-inheritance-tax-purposes\/"},"modified":"2017-10-03T00:00:00","modified_gmt":"2017-10-03T00:00:00","slug":"what-are-tax-free-transfers-for-inheritance-tax-purposes","status":"publish","type":"post","link":"http:\/\/taxbak.co.uk\/index.php\/2017\/10\/03\/what-are-tax-free-transfers-for-inheritance-tax-purposes\/","title":{"rendered":"What are tax-free transfers for Inheritance Tax purposes"},"content":{"rendered":"<p>There are many reliefs for IHT purposes. They include:<\/p>\n<ol>\n<li>Business Property Relief &ndash; 100% relief for business assets including an interest in a business, a controlling interest comprising unquoted shares including AIM listed shares, and unlisted shares in a private company.<\/li>\n<li>Agricultural Property Relief &ndash; 100% relief (occasionally 50%)<\/li>\n<li>A controlling interest in a listed company &ndash; 50% relief.<\/li>\n<li>Certain personal assets used in a business &ndash; 50% relief.<\/li>\n<\/ol>\n<p>Additionally, there are other, smaller reliefs that can be claimed:<\/p>\n<ul>\n<li>An annual exemption of &pound;3,000. An unused allowance can be carried forward for one year.<\/li>\n<li>Small gifts exemption of &pound;250 per person.<\/li>\n<li>Gifts on a marriage or civil partnership: &pound;5,000 from a parent, &pound;2,500 from a grandparent, &pound;1,000 others<\/li>\n<\/ul>\n<p>There is also an exemption for annual gifts made from income. Basically, a gift will not count as a gift for IHT purposes, if you can demonstrate that the donor&rsquo;s annual income is at a level to make the gifts without affecting their ability to cover their usual monthly costs.<\/p>\n<p>Gifts to an individual within the nil rate band, and with no strings attached, may still be made without any charge to IHT if the donor lives for 7 years after making the gift.<\/p>\n<p>Changes to the taxation of trusts and non-domiciled persons have complicated IHT planning in recent years. If you haven&rsquo;t considered your options recently we recommend a review. All you need to do is compile a list of your assets, let us have sight of your Will(s) and we can consider changes you might make to reduce your exposure to this tax.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>There are many reliefs for IHT purposes. They include: Business Property Relief &ndash; 100% relief for business assets including an interest in a business, a controlling interest comprising unquoted shares including AIM listed shares, and unlisted shares in a private company. Agricultural Property Relief &ndash; 100% relief (occasionally 50%) A controlling interest in a listed [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-416","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-left-layout","blog-style-postblock","","blog-alt-odd"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=416"}],"version-history":[{"count":0,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/416\/revisions"}],"wp:attachment":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=416"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}