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How to avoid inheritance tax?

nexaaccountants

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Reads 14
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Parts 2
Time <5 mins

nexaaccountants

2018 accounting inheritance payroll tax taxation uktax

Can I give my house to my children and continue to live in it and avoid inheritance tax?

If a person pays full market rent to their children during their lifetime after the transfer, they can continue to live in the house and escape Inheritance Tax liability. However, it may not be a beneficial arrangement since the children of the individual will be liable to pay income tax on the rent they receive and capital gains tax when they subsequently sell the house.
Inheritance Tax on Value of Home can be saved by applying Additional Threshold if the home is being transferred to children or grandchildren in event of death of an individual. There is an additional threshold of 100,000 for the year 2017/18 which can be used to the extent of the lower of-
1.	Value of home
2.	Additional threshold- 100,000 for the year 2017/18
Hence, the total available NIL- Rate threshold will be effectively Basic Threshold (325,000) + Additional Threshold (lower of 1. Or 2.) which will be used to reduce the value of total taxable estate.

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2018 accounting inheritance payroll tax taxation uktax

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