Distribution of wealth – IHT and other tax implications

Downing Street has rejected housing minister Gavin Barwell's recent call for pensioners to leave their homes and savings to their grandchildren, rather than their children, to help them on to the housing ladder, describing the comments as “personal”.

"What people do with their estates is an issue for them. It is not for the government to dictate how they complete their wills,” Theresa May’s deputy spokesman said.

No matter who you decide to leave your estate to, the tax implications of transferring wealth cannot be ignored.  There are many individuals and families with estates estimated to be above the threshold for paying inheritance tax (IHT) – £325,000 for a single person and twice that for a married couple. Through forward planning, IHT can be mitigated.

Professional advice should be sought to protect your wealth, secure the financial future of your beneficiaries and plan for IHT. Our specialists at Beavis Morgan are able to assist. Contact Alan Ford or your usual Beavis Morgan Partner.