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There is a personal inheritance tax allowance, called the nil rate band, which is the amount the estate is exempt from liability of the inheritance tax.
If the property passes on above the nil rate bands, they can be taxed inheritance tax of up to 40 percent.
If a person gives an asset as a gift to a person, other than the spouse, then there is a risk that if they die, the person who gets a freehold flat or a house in London real estate or other types of a fixed asset will have to pay a huge amount of tax on it,
As the taxman gets the duties from the receiver of the estate than from the one who gives it, and for some gift taker, it can be difficult to pay such a huge amount of money, especially, in case, of tangible assets like a home.
The Gift Inter Vivos provide the option to pay a huge sum of money on death that meets the liability on the gift and this can be taken by the authority or HMRC as an exempt transfer over the nil rate band ( for the inheritance tax).
It is a type of life insurance that covers the IHT liability on gifts and in the UK companies can offer it for a premium of £7 a month or £84 a year.
There is no cash value delivered by the insurance at any time, and the cover will end if the client stops paying the premium.
Once the plan has been offered, it cannot be changed and the insurance company may not pay in case the client dies intentionally in the first year of taking the policy.
One can take a multi cover plan to get a cover for one-fifth of any liability where the premiums can reduce each year as it can be used for cumulative gifts.
Even customized options for complicated gifting mechanisms have been determined where for cumulative gifts, the older gifts drop out of the calculation reducing the cost in the subsequent year.
One can use the method of setting up a trust to gift at no additional charges. The inter Vivo trusts are the contract between two or more people which contains terms that benefit a third person.
The trustees are appointed by the giver of the gift who holds and administers the property.
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