If you wish to give from your investment income, you may wish to tweak your portfolio to include assets that prioritise throwing off an income rather than growth. Sean McCann, of wealth manager NFU Mutual, agrees many more people could benefit from the exemption than currently do. About 95% of the tax code is meant to stimulate economic growth, but only a small percentage of the population takes advantage of it.

Pass on unlimited wealth to your loved ones TAX FREE

Large one-off gifts make sense for higher-value properties, but they become taxable if you die within 7 years. Consider instalments if health concerns exist. The book has more in common with a motivational "You Can Be Rich Too"-type narrative than an actionable list of definite tax reduction strategies that is within reach of anyone. I can't quite place who the audience for it is supposed to be. But there’s one type of deduction which sits above all the others. It’s the queen of deductions, and it’s called depreciation. This point makes sense because the tax code provides significant tax breaks to individuals who take those steps. You can save money and pay less to the government annually by utilizing one of these methods.How does your pension compare to the average saver's pot - and will you get the retirement you want? James Ward, a partner at law firm Kingsley Napley, says he often sees the exemption used to help get children on the property ladder or who are struggling themselves financially. What can you gift? You can also earn passive income on any rental properties you own, which is taxed at a lower rate than income. You can gift anything so long as it counts as income. That could include giving from your salary; an income from buy-to-let properties; dividends if you own your own company; or income from your investment portfolio.

Tax-Free Wealth Book | WealthAbility Tax-Free Wealth Book | WealthAbility

Your options if you decide to go the investment route are extensive and varied. However, there is one area that can earn you a little bit extra in tax savings, in almost every country. In fact, if you invest properly and seriously in this area, you should never have to pay tax on your cash flow at all. What is this magical tax shelter? Real estate.

Filling out these forms yourself really helps your executors,' says Church. 'If the information is already prepopulated on the correct forms, they don't have to trawl through your records.