{"id":1088,"date":"2024-11-28T12:32:28","date_gmt":"2024-11-28T17:32:28","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/2023\/03\/06\/how-can-i-reduce-my-inheritance-tax-bill\/"},"modified":"2026-03-20T14:01:53","modified_gmt":"2026-03-20T14:01:53","slug":"how-can-i-reduce-my-inheritance-tax-bill","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/how-can-i-reduce-my-inheritance-tax-bill","title":{"rendered":"How can I reduce my inheritance tax bill?"},"content":{"rendered":"\n<div class=\"wp-block-rbcwm-well well is-style-b-blue-tint-4\">\n<p>How can I reduce my inheritance tax (IHT) bill?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Developing a gifting strategy can be a tax-efficient way of supporting your family and limiting your IHT bill while remaining in control of your assets<\/li>\n\n\n\n<li>Explore IHT-exempt investments that match your appetite for risk<\/li>\n\n\n\n<li>Consider taking out whole-of-life insurance to cover all or part of any IHT liability<\/li>\n\n\n\n<li>Gifting to charity can be a tax-efficient method to reduce your IHT liability while supporting causes you care about<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>When RBC Wealth Management conducted a survey of UK high-net-worth individuals (HNWIs) in late 2023, one concern stood out above all others: inheritance tax (IHT).<sup>1<\/sup><\/p>\n\n\n\n<p>Such concern is well founded. Families in the UK paid a record \u00a37.5 billion in IHT in the financial year 2023-2024 \u2013 nearly double the \u00a33.83 billion paid in 2014-15.<\/p>\n\n\n\n<p>It&#8217;s a staggering rise, driven largely by sustained property price increases and a long-term freeze of the IHT threshold.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-uk-iht-receipts-rise-as-frozen-threshold-and-asset-price-inflation-bite\">UK IHT receipts rise as frozen threshold and asset price inflation bite<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"580\" width=\"1024\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/04\/IHT-10-year-results-billions-2023-24.png?w=1024\" alt=\"Bar chart showing UK inheritance tax receipts rising as frozen threshold and inflation bite\" class=\"wp-image-13885\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/04\/IHT-10-year-results-billions-2023-24.png 1380w, https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/04\/IHT-10-year-results-billions-2023-24.png?resize=300,170 300w, https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/04\/IHT-10-year-results-billions-2023-24.png?resize=768,435 768w, https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2024\/04\/IHT-10-year-results-billions-2023-24.png?resize=1024,580 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"is-style-disclaimer\">Source: HMRC<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How much inheritance tax should you be paying?<\/h2>\n\n\n\n<p>In the UK, a zero percent rate of IHT, known as the nil rate band, is applied on assets up to \u00a3325,000 per person. If your estate is worth more than \u00a3325,000 when you die, any assets beyond that figure may be subject to a flat IHT rate of 40 percent. Any unused threshold may be transferred to a surviving spouse or civil partner, increasing their combined threshold to up to \u00a3650,000.<\/p>\n\n\n\n<p>Individuals may also benefit from the additional residence nil rate band of \u00a3175,000, where property is left to direct descendants. Similar to the nil rate band, any unused amount can be transferred to a surviving spouse, increasing the combined nil rate threshold to a possible \u00a31,000,000. However, the additional residence nil rate band is tapered for estates worth more than \u00a32,000,000, and therefore withdrawn entirely if a married couple&#8217;s combined estate is worth more than \u00a32,700,000.<\/p>\n\n\n\n<p>The following example demonstrates how IHT can impact the total value of an estate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Calculating an inheritance tax liability<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1380\" height=\"610\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/03\/inside-outside-estate-balance-en-chart-2.png\" alt=\"This figure demonstrates how IHT can impact the total value of an estate\" class=\"wp-image-1090\" style=\"object-fit:cover\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/03\/inside-outside-estate-balance-en-chart-2.png 1380w, https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/03\/inside-outside-estate-balance-en-chart-2.png?resize=300,133 300w, https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/03\/inside-outside-estate-balance-en-chart-2.png?resize=768,339 768w, https:\/\/www.rbcwealthmanagement.com\/en-eu\/wp-content\/uploads\/sites\/9\/2023\/03\/inside-outside-estate-balance-en-chart-2.png?resize=1024,453 1024w\" sizes=\"auto, (max-width: 1380px) 100vw, 1380px\" \/><\/figure>\n\n\n\n<p class=\"is-style-caption\"><strong>Note:<\/strong> It was announced in the 2024 Autumn Budget that from April 2026, qualifying AIM shares will benefit from a reduced 50 percent IHT relief; and from April 2027, most pensions will be subject to IHT and fall inside an individual&#8217;s estate.<\/p>\n\n\n\n<p>The UK&#8217;s IHT threshold has been frozen since 2009, which has resulted in significant fiscal drag. If the threshold had moved in line with the Retail Price Index&#8217;s level of inflation \u2013 one of two main measures of UK consumer inflation \u2013 an individual would now be able to pass on more than \u00a3407,000 without incurring IHT.<sup>2<\/sup> Projected forward to tax year 2027-2028, and that figure would be<span>&nbsp;<\/span><a href=\"https:\/\/www.ftadviser.com\/investments\/2022\/12\/30\/assets-exempt-from-iht-to-grow-in-popularity-as-freeze-takes-toll\/?page=1\" target=\"_blank\" rel=\"noreferrer noopener\">over \u00a3500,000 <\/a>.<\/p>\n\n\n\n<p>But what exactly comes under the scope of IHT?<\/p>\n\n\n\n<p>IHT is applicable to everything from property \u2013 your main residence, holiday homes and rentals \u2013 to your money, personal art, jewelry, vehicles and other investments.<\/p>\n\n\n\n<p>Naturally, concern over the impact of IHT seems to increase with age. While RBC Wealth Management&#8217;s survey found IHT to be the primary concern for 35 percent of HNWIs when averaged across all age groups, the figure rises to 42 percent among those aged 55-65. This underlines the value of<span>&nbsp;<\/span><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/how-to-optimise-your-retirement-plans\">robust retirement planning<\/a><span>&nbsp;<\/span>and putting appropriate measures in place as early as you can.<\/p>\n\n\n\n<p>\u201cThere are some people who will be happy to pay any IHT liability, as their money is going to HMRC and helping those less fortunate,&#8221; says Dean Moore, managing director of Wealth Planning for RBC Wealth Management in the British Isles. \u201cBut the majority of estate owners who have children, and charitable causes that are close to their heart, will want to mitigate its impact. This means starting the process as soon as possible.&#8221;<\/p>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block rbc-block-well rbc-block-small rbc-block-grey rbc-mid-page-cta has-block-grey-background-color has-background\"><div class=\"\"><div class=\"row \"><div class=\"col-lg-12\">\n<h4 class=\"wp-block-heading cta-title\" id=\"h-secure-a-brighter-future\"><strong>Secure a brighter future<\/strong><\/h4>\n\n\n\n<p class=\"cta-content\">Smart strategies for effective inheritance tax planning.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--50)\">\n<a class=\"wp-block-button rbc-button-no-icon rbc-mid-page-button is-style-secondary rbc-button rbc-button-secondary\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/contact\">Preserve your estate<\/a>\n<\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n<h2 class=\"wp-block-heading\">How can you limit your IHT bill?<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Gift the money<\/h3>\n\n\n\n<p>Gifting money can be a tax-efficient solution to limiting your IHT liability. Yet gifting without losing control of assets is the second biggest financial concern of UK HNWIs, behind IHT.<sup>3<\/sup><\/p>\n\n\n\n<p>&#8220;Many of our clients employ a gifting strategy to offload their wealth in a controlled manner,&#8221; says Moore. &#8220;But they often require support with identifying how much they should gift and when they should do it.&#8221;<\/p>\n\n\n\n<p>Gifts considered &#8220;outside&#8221; an estate include those between spouses and civil partners, gifts of up to \u00a33,000 per year, and those of \u00a3250 or less per person, per year \u2013 as long as you haven&#8217;t used another allowance on the same person.<\/p>\n\n\n\n<p>One popular option is to gift money to your children for specific purposes, such as buying property, funding education or setting up a business. An added advantage with this is you get to see your loved ones benefit. Gifts toward a wedding benefit from an allowance of up to \u00a35,000 from each parent, \u00a32,500 from each grandparent and \u00a31,000 from anybody else.<\/p>\n\n\n\n<p>A common way for HNWIs to gift is using a trust, which they may also become a trustee of. This enables you to retain a degree of oversight over how the money is distributed to your children and beneficiaries.<\/p>\n\n\n\n<p>Another option is to move the assets into a family investment company \u2013 a corporate structure in which your family members become shareholders. The company can be set up to divide ownership and voting control according to your wishes.<\/p>\n\n\n\n<p>It&#8217;s important to note that, with any non-exempt gift you make, you must survive seven years before it qualifies for the zero percent rate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Invest it<\/h3>\n\n\n\n<p>Some investments are exempt from IHT entirely, such as those qualifying for the <a href=\"https:\/\/players.brightcove.net\/3187797751001\/Bk3yHzyT_default\/index.html?videoId=6345811787112\" target=\"_blank\" rel=\"noreferrer noopener\">Enterprise Investment Scheme <\/a>, Agricultural Property Relief (APR), <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/how-to-optimise-your-retirement-plans\">Business Relief<\/a> (BR) and investments in Alternative Investment Market (AIM) companies.<\/p>\n\n\n\n<p>However, from April 2026, AIM shares will benefit from IHT relief at a reduced rate of 50 percent (no matter the value of shares held).<\/p>\n\n\n\n<p>The treatment of APR and BR investments will also change in April 2026. APR and BR investments in privately owned companies will have a combined \u00a31 million lifetime allowance. That means up to \u00a31 million of qualifying assets can be left completely free from inheritance tax. Above this lifetime allowance, assets will qualify for relief at a 50 percent rate uncapped.<\/p>\n\n\n\n<p>BR&nbsp;is a good example of the rationale behind IHT-exempt investments. It\u2019s a system designed to aid succession in family businesses and stimulate investment into British companies. Here, any investment into a qualifying company is exempt from IHT after only two years (up to the value of \u00a31 million as of April 2026). You don\u2019t need to run your own business to benefit either; reputable providers now offer portfolio companies in which anyone can buy shares.<\/p>\n\n\n\n<p>Another advantage is that you retain direct access to the assets, unlike putting money into a trust or setting up a corporate vehicle. This can be reassuring if you&#8217;re concerned about the potential cost of future care, or about giving away too much of your wealth too soon. You can also continue to draw an income from these shares or sell them to fund future expenses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Give it to charity<\/h3>\n\n\n\n<p>Any gift made to charity during your lifetime is immediately exempt from IHT. If you leave a portion of your estate to charity in your will, you can also reduce the rate of IHT applied to the rest of your estate.<\/p>\n\n\n\n<p>For example, if you leave 10 percent of your estate to charity, the 40 percent rate of IHT that would apply to the rest reduces to 36 percent.<\/p>\n\n\n\n<p>It&#8217;s worth factoring this into your will, as well as investigating tax-exempt vehicles such as charitable trusts or foundations.<\/p>\n\n\n\n<p>\u201cThe beauty of giving money to causes you care about is that, as you begin to set aside money during your lifetime, you can see it being put to work, and take satisfaction in the difference it&#8217;s making,&#8221; says Nick Ritchie, senior director of Wealth Planning at RBC Wealth Management in the British Isles.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Insure it<\/h3>\n\n\n\n<p>You may decide you don&#8217;t want to give up any or all of your assets during your lifetime, but still wish to minimise the IHT bill.<\/p>\n\n\n\n<p>One solution is taking out a<span>&nbsp;<\/span><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-role-of-insurance-in-protecting-your-family-wealth-in-the-event-of-illness-or-premature-death\">whole-of-life insurance policy<\/a>, which pays out after your passing and can be used to pay off all or some of the IHT liability.<\/p>\n\n\n\n<p>\u201cInsurance can mean that, should anything happen to you in the next 10, 15, 20 years, your IHT liabilities are covered,&#8221; says Ritchie. &#8220;This can provide you with certainty \u2013 and peace of mind. But you need to start early, as the cost of your policy will largely be dictated by your age and health.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Move abroad<\/h3>\n\n\n\n<p>Previously, your place of residence was the main consideration in IHT planning, and you could remain within the UK IHT net after leaving. However, changes taking effect from 6 April 2025 will make it easier to leave the UK IHT net behind following a relocation.<br><br>From 6 April 2025, if you\u2019ve been a non-UK resident for more than 10 of the last 20 years, your non-UK assets will be outside the scope of UK IHT.<br><br>Those looking to leave the UK can use life insurance to cover potential IHT during this 10-year period. After 10 years outside the UK, it\u2019s possible to return to the UK and remain outside the IHT net for 10 years, or to remain outside the UK and outside the UK IHT net (on the basis you do not hold assets located in the UK).<br><br>Care should be given to days spent in the UK, activities undertaken while in the UK and ties to the UK, as you will need to avoid becoming a UK tax resident to free yourself from the IHT net.<br><br>Your new home country should also be considered carefully as you will need to factor in visa requirements (your right to be in the country), local tax laws and lifestyle.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Spend it<\/h3>\n\n\n\n<p>Probably the simplest way to reduce the amount of inheritance tax due on your estate is to spend your money on yourself while you\u2019re still alive. Be it a trip of a lifetime or pursuing a specific hobby, spending your own money on something you love doing can be incredibly fulfilling, especially when you know that 40p of every \u00a31 spent is money that would have been lost to tax.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fail to prepare, prepare to fail<\/h2>\n\n\n\n<p>IHT mitigation doesn&#8217;t have to be complex. Engaging with an experienced wealth advisor can help you build a holistic wealth plan that meets your needs both now, and in the future.<\/p>\n\n\n\n<p>&#8220;It all starts with a conversation,&#8221; says Moore. &#8220;By identifying a client&#8217;s goals in four key areas \u2013 career, family, lifestyle and property \u2013 we can build the best combination of strategies for them and their family, while ensuring their plan evolves to serve their needs as they change.&#8221;<\/p>\n\n\n\n<p>Yet the process of mitigating the impact of IHT can be a hard one to start.<\/p>\n\n\n\n<p>\u201cThese are difficult conversations,&#8221; says Ritchie. \u201cThey involve considering your own mortality, and it can be all too easy to end up kicking the can down the road as a result. But if you don&#8217;t tackle IHT promptly and properly, you may land your family with a heavy administrative and financial burden, at a time of deep emotional stress.&#8221;<\/p>\n\n\n\n<p>Proper planning will never completely remove the emotion from the situation, but a proactive, incremental approach to IHT will make the process much easier for you \u2013 and dramatically reduce the strain on your loved ones.<\/p>\n\n\n\n<p><em>Sources:<\/em><\/p>\n\n\n\n<p><sup>1<\/sup> Survey conducted by Kantar on behalf of RBC Wealth Management in October 2023. Respondents consisted of 600 high-net-worth individuals (minimum investable assets of \u00a3500,000) based in the UK.<\/p>\n\n\n\n<p><sup>2<\/sup> Correct as of Feb. 7, 2023.<\/p>\n\n\n\n<p><sup>3<\/sup> Survey conducted by Kantar on behalf of RBC Wealth Management in October 2023. Respondents consisted of 600 high-net-worth individuals (minimum investable assets of \u00a3500,000) based in the UK.<\/p>\n\n\n\n<p><em>This article was updated in Jan. 2025.<\/em><\/p>\n\n\n\n<div class=\"wp-block-rbcwm-well well\">\n<p><strong>Please note: <\/strong>RBC is not a tax specialist and this does not constitute tax, legal or investment advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist.<\/p>\n\n\n\n<p>EIS investments are considered high risk investments by the UK&#8217;s financial regulator, the Financial Conduct Authority. They are only suitable for UK resident taxpayers who can tolerate higher risk and have a suitable timeframe for investment. Tax reliefs are subject to a minimum investment period and cannot be guaranteed. They depend on the individual circumstances of each client. Tax rules are subject to change.<\/p>\n\n\n\n<p>Past performance is not a guide to future performance, the value of investments and income arising can fluctuate significantly, future returns are not guaranteed, and you could lose all of the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Inheritance tax can place a huge financial burden on your loved ones. These steps can help you manage your estate, so more of your wealth goes to those you wish to benefit.<\/p>\n","protected":false},"author":18,"featured_media":16488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-01-13T10:01:00","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[523,126,124,125],"rbcwm_content_owner":[],"rbcwm_need":[110,111],"rbcwm_segment":[],"rbcwm_solution":[119],"rbcwm_topic":[109],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-1088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","tag-can-i-reduce-my-inheritance-tax-bill","tag-iht","tag-inheritance-tax-allowances","tag-inheritance-tax-gifts","rbcwm_need-grow","rbcwm_need-protect","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Inheritance tax can place a huge financial burden on your loved ones. These steps can help you manage your estate, so more of your wealth goes to those you wish to benefit.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[14516],"rbcwm_pagination":{"next_link":"","next_link_text":"","previous_link":"","previous_link_text":""},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How can I reduce my inheritance tax bill?<\/title>\n<meta name=\"description\" content=\"Inheritance tax can place a huge financial burden on your loved ones. 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