With property prices going up, we are seeing a spike in the number of people contacting us for Inheritance Tax Planning (IHT) advice.
And it’s not just us. New figures from HMRC show that inheritance tax receipts in April to May 2021 were £966m- £340m higher than the same period last year. This is due in part to an increase in the value of many people’s homes where, according to April figures from HM Land Registry, house prices have risen 8.9 per cent in the past year to an average of £250,772.
With more property values being nudged past the threshold where inheritance tax is due (£325,000 is the standard nil-rate band; £500,000 for those passing on their main home to their children in certain circumstances), we are being contacted by homeowners who have realised they need to seek urgent IHT advice.
Could you be affected? No matter who you decide to leave your estate to, the tax implications of transferring wealth should not be ignored. Professional advice should therefore be sought to protect your wealth, secure the financial future of your beneficiaries and plan for IHT, a legitimately avoidable tax. We do however recommend that planning starts as early as possible.
Our Beavis Morgan tax experts are available to guide you and advise you on the available strategies. For more information, please contact your usual Beavis Morgan Partner or email email@example.com.