In light of the recent death of Gerald Cavendish Grosvenor, the sixth Duke of Westminster, inheritance tax (IHT) is once again hot on the news agenda. Whilst most of us will have more modest estates, especially if a residential property is included, there are still many individuals and families with estates estimated to be above the threshold for paying IHT. The tax free allowance of £325,000 hasn’t been increased for several years, although there is now an increasing allowance against a family home left to direct descendants.
With IHT receipts forecast to reach a record high of £4.6bn in the 2015/16 tax year, it’s essential that families seek advice on how to mitigate IHT in order to secure the financial future of their beneficiaries.
IHT can be mitigated by forward planning and our Beavis Morgan tax experts are available to guide you and advise you on the available strategies. If you would like to know more, please contact Barrie Dunning or your usual Beavis Morgan Partner.