Merryn Somerset Webb

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7,282 appearances 48 recordings 1 series first heard Apr 2026 last heard 3d ago

Merryn Somerset Webb’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 48 in all, peaking in Jun 2026 with 13.

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Merryn Talks Money · How to Turn Income Into an Inheritance Tax Break · 16 Sep 2026 podcast

And also just to be clear because I know how much my listeners hate admin, you only have to keep those records going back seven years, right?

Yeah.

Because anything you gave away before the seven year period is automatically IHT free.

So don't keep records that go back more than seven years.

That's a waste of admin and a waste of paper.

Brilliant.

So um if we want help avoiding uh tax, we can just go straight to the HMRC website.

Yes,

Okay, so the next bit to say is okay, how do you create surplus income?

Because as you said, you can't just give away chunks of capital.

But as everybody knows, you can convert capital into income in all sorts of ways.

So if you're looking at this and you're thinking, well, I don't have that much income, but I do have quite a lot of capital, how can I make that capital into income so I can create a surplus that I can then give away?

That seems like the

Cool question here.

Yeah.

I mean, I like the I like the purchase annuity idea because that means that the the money that you take out of that that you give away, uh the bit that is tax-free considered to be your capital already, that really is taken out of the tax net.

Because one of the things about this, if you look at creating income outside, say, your ICEF, for example, you create that income, let's say you're a forty percent taxpayer.

You create the income, you pay that 40%.

And that's nice because you took it out of the IHT net, but the IHT bill on that would have been 40% anyway.

So you're moving it out more quickly, but it's not necessarily as tax efficient as one might think because you're paying the income tax on it.

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