The government’s take of inheritance tax has risen to its highest ever level. Read on to find out how to protect your legacy.
Inheritance tax bills have soared to the highest ever level say HMRC, as HMRC collected Inheritance Tax receipts of more than £5.1bn in the year ending May 2017.
That’s 20% higher than 2016 and the first time on record that IHT receipts have broken through the £5bn barrier.
One of the main reasons for the large increases in IHT bills is the rise values of property, so Berkshire & Thames Valley are particularly affected.
Inheritance Tax is predominantly thought of, as a tax on the wealthy, in my experience it’s not, it is a tax on the unwary. The unwary being people who are too lazy to do any planning or have taken the time to seek out advice from poorly qualified advisers.
Almost any estate could have its IHT bill reduced with proper prior planning.
All too often people have out of date wills and lack even the basic understanding of the level of IHT that might be applied to their estate.
What can help you is to get a basic understanding of Inheritance Tax, the best way to do this for free is to download of the first chapter of my 295 page book, “Inheritance Tax Simplified”.
Reviewed as “Excellent” and “ My hope is that after reading this, you will feel better prepared to take decisions on your own inheritance tax needs” by the former President of the Personal Finance Society.
You can get the free download from HERE.