How Do I Plan My Affairs To Reduce Inheritance / Gift tax in the Future?
Step 1- List out all your assets and their estimated value. Deduct any mortgages or liabilities from the value of the assets.
Step 2- Decide who you would like to leave your assets to. Remember as a short term measure assets left to your spouse are completely free of tax.
Step 3- Examine the special tax reliefs available for certain assets e.g. residential property, business assets and agricultural property.
We can give more advice on this matter by way of consultation for which an extra charge will arise.
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