Recent predictions by Law firm Wilsons, show the number of people liable to pay inheritance tax (IHT) will rise by 15 per cent to 30,000 in 2017, nearly double the figure in 2008-09.
With receipts from IHT hitting a record high, according to the latest figures from HM Revenue & Customs, it’s no wonder that more and more families are seeking advice on how to mitigate IHT in order to secure the financial future of their beneficiaries.
By not understanding the rules relating to IHT, where the current IHT threshold is £325,000 for a single person and twice that for a married couple, families could end up paying tens or even hundreds of thousands of pounds in tax.
Through careful planning, IHT can be mitigated. We do however recommend that planning starts are early as possible. 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.