"Ultimately, with careful planning an IHT liability can be reduced or eliminated entirely. In truth, who would rather the state get their assets when they die rather than their loved ones?"
5) Take advantage of dividend allowance
Grant added: “It is important that taxpayers make the most of the benefits available on dividends before April 5 2023. The tax-free dividend allowance (currently £2,000) will halve for the tax year starting April 6 2023.
"Tax allowances work on an annual basis. This means that any allowances not used before 5th April can be lost with new tax regulations applying to each tax year."
There are notable exceptions are pensions and the IHT gifting allowance. Carry-forward rules enable people to use any unused pension allowances from the past three years, and any unused annual IHT gifting allowance from the previous year.
This means a couple giving for the first time could legally give £12,000 tax free to their family beyond the end of the tax year.
simoney.kyriakou@ft.com
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