It has been recently revealed in the news that Inheritance tax bills have topped around the £5 billion a year mark for the first time, according to the Financial Press. Inheritance tax totaled a staggering £4.7bn from UK consumers in the tax year for 2016/17, this only expected to inflate further by a third over the next five years.
As a result, British consumers are not making the provision for inheritance tax, costing them heavily when it could be so much different.
Experts say soaring property values over the last few years and the long freeze in the IHT threshold means a growing number of estates are being hit by the deeply unpopular tax.
HM Revenue & Customs has attributed rising IHT receipts primarily to rising asset values, with residential property making up around a third of the total value of taxpaying estates.
IHT had been charged at 40 per cent on estates worth more than £325,000 or £650,000 for couples. This threshold was frozen from 2009 until April this year, when it was hiked to £850,000 for couples wanting to pass their main family home onto their children or grandchildren.
At Will Protect, we believe It is important that people start planning as early as possible, in terms of how they want to pass their wealth on to younger family members. If they do not do this, families could be met with large IHT bills in the future.
We provide invaluable advice in establishing a plan to help protect your assets and your families inheritance after you pass away – they could be at risk after your death!
We can help with the forward thinking approach and give advice towards your chosen services, which will in turn become a huge benefit to your family in the future. We will manage your estate, using our experience in the financial sector to mitigate inheritance tax and make sure your money ends up with your loved ones instead of in the hands of the Government.
You can contact us by whichever means suits you best, you can call us on 0345 894 8441 or alternatively you can email us via email@example.com