Recent publications have shown that the inheritance tax (IHT) paid from April 2024 to December 2024 is £6.3bn.
This is £0.6bn higher than the same period the year prior.
So many people still do not realise that IHT is not the “rich mans tax” but the “every day mans tax”. Whether I meet with a single person, a couple or a family, many do not realise that their estate are likely to be subject to IHT.
The nil rate band (currently £325,000) and the residence nil rate band (currently up to £175,000) have not been increased since April 2009 and April 2020 respectively. The thresholds have therefore not been amended in line with the increase of property values and inflation generally.
It is imperative that a person, whether a single person, a couple or a family, not only enjoy that their Will is watertight, but that it ensures that their estate is as tax efficient as possible to save on paying inheritance tax, or more inheritance tax, than necessary.
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The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
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