How UK inheritance tax works and 6 ways to legally avoid it

Рет қаралды 4,865

Күн бұрын

Welcome to my latest video guide, "How UK Inheritance Tax Works and 6 Ways to Legally Avoid It." Inheritance tax in the UK can be a complex and often misunderstood aspect of tax planning. Many find themselves unprepared for the implications it can have on their estate and their loved ones. In this comprehensive guide, I, Joshua Tharby, will demystify the intricacies of UK inheritance tax, ensuring you're fully informed about your obligations and the potential impacts on your estate.
I'll start by exploring the basics of inheritance tax, including who needs to pay it, how much it could be, and the thresholds and allowances you should be aware of. Understanding these fundamentals is crucial for anyone looking to plan their estate effectively.
However, my focus doesn't stop there. I'll walk you through six legal strategies to minimise or even avoid inheritance tax liability, helping to ensure that your assets are passed on to your loved ones as efficiently as possible. These strategies include making use of gifts and trusts.
Whether you're starting to think about estate planning or looking to optimise your existing arrangements, this video is packed with valuable insights and practical tips. We'll cover everything from the simple steps you can take today to more complex planning strategies that require professional advice.
Remember, while it's possible to navigate some aspects of inheritance tax planning on your own, consulting with a tax advisor can provide you with tailored advice suited to your specific circumstances.
👉 What You Will Learn:
The basics of UK inheritance tax: thresholds, rates, and who pays
6 legal ways to reduce or avoid inheritance tax
Practical tips for estate planning and asset protection
When and why to seek professional tax advice
Don't let the complexity of inheritance tax catch you off guard. Arm yourself with knowledge and take proactive steps to protect your estate and your loved ones.
Subscribe to my channel for more tax insights and tips, and don't forget to hit the bell icon to stay updated on my latest videos.

Пікірлер: 13

@JustinPunio 5 ай бұрын

Can you do a follow up video for passing on a property/house. Thanks for the info!

@carlosKH13 21 күн бұрын

How much is your property worth? Essentially it’s 100% tax free to pass to a spouse or charity, £340k tax free to most other people however if it is to a child or grandchild then this increases to £500k as long as your estate is worth less than £2million. If you give away the home and don’t die within 7 years then inheritance tax does not apply. Hope this helps!

@carlosKH13 21 күн бұрын

Anything over those thresholds is taxed at 40%

@Jeffybonbon 5 ай бұрын

Dont forget pension planning or Aims ISA and a bit insurance in trust

@JoshuaTharby 5 ай бұрын

Absolutely valuable strategies

@HeatingSpares 5 күн бұрын

What about a trading company. PLS do a video

@AA-xb6vx 4 ай бұрын

@Joshua I’m a UK citizen and resident. Watched your video on setting up company in Dubai and living in UK. Would I be able to be in the Dubai two days of the week running my business and conducting meetings to satisfy the threshold of having all main parts of business taking place their for tax purposes?

@Samuel_Aziz_Boubaous 3 ай бұрын

How can I book a call with you?

@JoshuaTharby 3 ай бұрын

www.jsmpartners.co.uk

@m.ehtizan 5 ай бұрын

Hey Joshua, I just watched your video and I must say that it was really informative and well-made. I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel

@flyhi2773 6 күн бұрын

You can pay later, but guess what? They charge! Cheaper to get a loan and pay it sometimes. They don't care. All they care is about is meeting targets and their next pay cheque. That's the UK all over.

@airdog1829 Ай бұрын

How're you expected to pay inheritance tax before you've even sold the inherited property? There's no cash there yet. 🤔

@ecl6nb Ай бұрын

Aren't you using the term ‘non-domiciled’ when you actually mean ‘non-resident’? Your domicile is where you come from. You can’t become a non-dom by leaving the UK - only a UK non-resident.