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Inheritance Tax

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Marky101 | 12:30 Fri 08th Oct 2021 | Law
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Can you avoid paying it if you withdraw all your savings and investments over threshold limit and just stash the cash under the floorboards .
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if you did it 2 days before you died probably not
I would make out I've been scammed and get a relative to do it. Then put it under my bed!
that is tax evasion and we cannot advise you to do that
and ....but

you are talking about large amounts of money and there will be difficulties at all stages with the banks and money laundering regs.

320k even shifting it at £1 000 a month is around 30y

bear in mind the first 325k is non taxable
if there are significant sums involved, you need to get professional advice
no, you'd be evading not avoiding.
Good idea as long as your house doesn’t catch fire
Noone pays inheritance tax when they die. The estate will before its distributed. Unless you have over 650k or summat like that there's no iht.
Whether its in cash or bank its up to your executor to declare it on probate forms
Buy gold and put it in a safety deposit box in a bank.

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