There have been a number of enquiries recently from people seeking advice on Inheritance Tax Planning (IHT), as there is ongoing confusion surrounding the impact of the proposal to increase the tax free allowance for IHT in respect of the family home. In addition, IHT is often referred to as the voluntary tax, as with prior planning it can be mitigated in many circumstances. With house prices at current levels, despite Brexit fears of a slump, many “ordinary families” can be brought into the tax net by finding themselves with estates estimated to be above the threshold of ￡325,000 for paying inheritance tax.
At Beavis Morgan, we can assist with both medium and longer-term financial planning to ensure that you, your family, and ultimately future generations of your family, will benefit from your wealth, in accordance with your wishes. For more information about how we can assist you to protect your wealth and plan for IHT, please contact Alan Ford or your usual Beavis Morgan Partner.