Its hard to explain why there is no where else like Glastonbury Festival. Its hard to explain why it means so much to me and to so many other people.
But let me try to share my experience… Heres a little thread 🧵 ⤵️ with photos!
Many are confused about it, so here's my mini briefing on #InheritanceTax in five simple steps (obvious do more reading/get advice before acting). Feel free to share
- Anything left to a spouse (married/civil partners) is EXEMPT from IHT
- You don't pay IHT on the first £325,000 of your estate left to others
- This is boosted to £500,000 if you pass on your main residence to your (biological/foster/step/adopted) children or grandchildren.
- You can pass on any unused allowance to your spouse, so if you left them everything they could then leave £1m (your £500,000 and their £500,000) including their home to children or grandchildren.
- If an IHT bill is looking likely, gifting rules can cut or cancel it out (whether from annual income or bigger gifts if you live long enough after)