Inheritance tax threshold

Cookieandlexi

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My nearest relative is a cousin who will inherit my estate. Can I name them as a favourite relative in order to minimise the amount of inheritance tax they will pay
 
Thank you for your reply. I thought I read in a newspaper article that a relative can be nominated and this person will come under the 400,000 threshold. I see now from reading your post that this only applies to a niece or nephew. Thanks again
 
a relative can be nominated and this person will come under the 400,000 threshold. I see now from reading your post that this only applies to a niece or nephew.
In case anyone's reading this and hoping to claim it, that's not remotely how Favourite Nephew or Niece Relief works.

For perspective, in 37 years work in tax, I've never seen anyone successfully claim it.
 
I thought I read in a newspaper article that a relative can be nominated and this person will come under the 400,000 threshold. I see now from reading your post that this only applies to a niece or nephew.

The Favourite Nephew or Niece Relief is such a rarefied relief that it would make for a pretty niche newspaper article.

My nearest relative is a cousin who will inherit my estate. Can I name them as a favourite relative in order to minimise the amount of inheritance tax they will pay

Interestingly, there were references last week in the press to the recently released Tax Strategy Group Papers which considered the possibility of legislating for individuals to select one or two heirs to their estate for Group A Threshold (where there was a no parent-child relationship).
 
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