A Will is only effective upon your death so the only tax you can mitigate, is your estate’s Inheritance Tax Liability. Depending on who you leave part or all of your estate to, there are exemptions and reliefs available to you.
- Any gift given to your spouse will be Inheritance Tax exempt
- Any gift given to a charity will be Inheritance Tax exempt and can reduce your estate’s overall Inheritance Tax liability by up to 10%
- Any gift to a political party will be Inheritance Tax exempt
- If you have business property there are exemptions of either 50% or 100% from Inheritance Tax, depending on the type of business and how you own it.
- If you have any agricultural property, such as a farm, this can be passed free of Inheritance Tax
- If you have any woodland property, the land itself is free from Inheritance Tax but the trees are not if cut and sold for timber