HMRC tool helps you work out how you can pay less inheritance tax | Personal Finance | Finance


Mr Southorn said: “There are three ways to reduce your inheritance tax bill or reduce the mount of tax your beneficiaries will have deducted from their inheritance. One is to get a well written will.”

As well as making sure someone has a will in place, the will writer also recommends making the most of gift allowances and considering investing in a life insurance policy to pay off the bill.

Britons can give up to £3,000 to family and friends every tax year tax free and carry allowances over from previous years.

If someone is getting married they can give them a further £5,000 tax free without incurring any penalties.

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