Gifting/ Philanthropy

If your estate is likely to be liable for inheritance tax, one way of avoiding it is to give money away to charity, either directly or by setting up your own charitable foundation. 

When you give large sums of money to other people, there is up to a seven-year waiting period before any reduction in inheritance tax is granted. When money is gifted to charity, this is not the case and bequests made in a will can still have the desired effect on your inheritance tax bill. 

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