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Originally Posted by Will
As one of many people who isn't looking forward to the prospect of paying tax on something which has had tax paid for about two times previously. I was wondering if anyone here has found any useful tips for limiting the amount you have to pay, or avoiding it all together?
Our family have been wondering about this for a while, and it seems wrong that we should have to pay so much money (especially when we won't be able to afford it) on something we already own.
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I'm the exector of an estate worth over a million pounds, and we've got measures in place to deal with IHT. The first factor was my parents' wills, which "loan" one half to the other. When my Dad died (A couple of years ago, only 60.) his half of the estate was "loaned" to my Mum. Somehow, this means you get double the allowance. To add to this, my Mum has an insurance policy that'll pay out IHT on the remainder. It's horrendously complicated!