Cut an inheritance tax bill

Those interested in will and probate matters have been given advice on how they can reduce their inheritance tax (IHT) bill.

Ian Cowie, head of Personal Finance at Telegraph Media Group, wrote for the Daily Telegraph that there are many allowances and exemptions that people can take advantage of in relation to this tax.

One important step that people can take is to make a will.

George Bull, a partner at an accounting firm, told the news source: "If you die intestate you will have no control over how your assets are distributed and you may end up paying IHT unnecessarily."

Those with assets to leave may also wish to make financial gifts to loved ones, which will be free from IHT if they are given over seven years before a donor's death.

Another option is to distribute a portion of a large income to a loved one regularly to reduce tax bills.

Parents also have the option of granting £5,000 to their child when they get married.

In addition, grandparents can also gift a sum to their grandchildren when they tie the knot.

Published by Hannah Carr