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You may be liable to pay tax on your net estate. This can be avoided if your net estate (the total value of your assets including gifts made in the last seven years of your life, less any debts and liabilities) come to less than the tax threshold figure for inheritance tax.
Ask your solicitor or the RCVS Knowledge for more information.
There are some steps you can take to reduce inheritance tax payments:
- Any gift you leave to your spouse does not incur inheritance tax, but you should remember that your gift may push them over the tax threshold too.
- Gifts to a charity, such as the RCVS Knowledge, are not liable to tax and there is no limit to their size.
For more information on leaving a legacy and to see how the changes to Inheritance Tax have made it more attractive to support charities through legacy giving, please visit the Legacy10 website by clicking on the icon.
Ask your solicitor for advice on other ways to reduce your tax liability.