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Basic IHT – Relief and exemptions

There are fundamental exemptions and relief available for IHT planning:

  1. Each individual has an annual exemption to IHT of £3,000 
  2. Make multiple £250 small gifts 
  3. Transfers to UK spouses are exempt (for CGT as well as IHT)
  4. Transfer to non UK spouses are exempt up to £325,000 for IHT
  5. Gifts in contemplation of marriage of £1,000 to £5,000 depending upon your relationship to the happy couple
  6. Normal expenditure out of income - regular gifts out of an excess of income that do not affect your standard of living and that continue for a reasonable period
  7. Gifts made to individuals for which you survive more 7 clear years (potentially exempt transfers)
  8. Gifts into a trust that do not exceed your available nil rate band (currently £325,000). Not all trusts are tax efficient for IHT. (See Trusts)
  9. Ensure business or farming assets that qualify for relief to IHT are made the subject of specific gifts in your Will – this maximises the relief available. 
  10. Ensure business or farming assets continue to qualify for the important relief to IHT of either 100% or 50% - this relief can easily be lost so we can help organise these assets

Those with business interests or farming properties need specific advice regarding the treatment and tax planning of these valuable assets so please feel free to contact Trudy Rogers on 01635 569670 or