What gifts can I make to reduce my Inheritance tax?

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You can make of a small gift IHT free of £3,000 per year. If you did not use this allowance in the previous tax year you can use it in the current year so you can gift £6000 in total. Over time, this money will add up and will remain out of your estate, which will save a lot of money, especially if you are on a 40% inheritance tax rate.

You can also giveaway £2,500 on the marriage of your grandchildren and £5,000 on the marriage of your children. These financial gifts are for one individual (so in a marriage you could give £10,000 in total) but they have to be gifted before the marriage takes place.

You also have to option to give small gifts of up to £250 to unlimited amounts of people.

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