SRich
-
Paying IHT for gift recipients
After getting a windfall from a company sale, I am giving money to numerous family and friends, such that the total exceeds the Nil Rate Band for Inheritance Tax. If I die within 7 years, I read that HMRC would by default consider some of the recipients (the ones paid later in the list) to be liable for IHT. This would be very unfair between my different relatives, but also not easy to collect since many of them are foreign nationals and there would be no jurisdiction. Is there a way in my Will to designate my estate to pay all the IHT owing so HMRC never try to contact the people I gave money to?