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Minimising inheritance tax on family assets
KEY POINTS
- Cultural gifts scheme can work for pre-death planning.
- An asset gifted to charity does not have to meet pre-eminence criteria.
- Acceptance in lieu scheme to meet death duties.
- Public access requirement for the conditional exemption.
Heritage assets can form a significant part of a family’s wealth particularly if items have been passed down between generations. It may be taken for granted that those items can continue to devolve to younger family members for years to come.
What can be overlooked however is that there will usually be an unwelcome inheritance tax (IHT) bill which the family may not be able to afford to pay without selling other assets.
If assets are sold or given away during the owner’s lifetime to avoid estate taxes there is capital gains tax (CGT)...
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