Unfortunately there is very little tax planning available, however, the following is a summary of some simple things that can be done:
· Annual exemption - Gifts of £3000 per year can be made free from Inheritance tax,. An unused exemption can be carried forward 1 year so that a total of £6000 could be gifted. For a husband and wife this could total £12,000.
· Children got married - then a gift of £5000 per parent can be made in year of marriage.
· Grand kids got married - then a gift of £2500 per grandparent can be made in year of marriage.
· Consider utilising the use of the annual IHT nil band (currently £285000) either by making gifts as above or inserting appropriate clause in your will.
· Invest in an ISA before 5 April 2007and take advantage of the taxfree savings it allows.
· Consider transferring income-generating assets between spouse/partner to the person with the lowest income.
· Look at tax-free investments offered from National Savings.
The Societies of Photographers Convention and Trade Show at The Novotel London West, Hammersmith ...
You have 235 days until The Societies of Photographers Convention starting on Wednesday 20th January 2021