16th February 2021
The end of the 2020/21 tax year is less than two months away and now may be the opportune time to consider what steps can be taken to reduce your tax exposure for the year.
This is the third is our series of Inheritance Tax Planning Advice.
Each tax year an individual may give away up to £3,000 without any effect on their potential inheritance tax bill.
If all or part of the annual exemption for 2019/20 was unused, this may also be used in 2020/21. This means up to £6,000 may be given away tax free in the current year.