HMRC updates have shown that inheritance tax (IHT) has risen to £6.3 billion from April 2023 to January 2024 which is an increase of 7%.
IHT has continued to grow throughout the recent years and no doubt it will continue to do so. There are ways in which IHT can be mitigated, and it is important that you have a Will in place and properly drawn.
Unplanned IHT can cause consequences and difficulties for your loved ones, both during the probate process and thereafter.
If you can pass money to your family rather than the tax man, why would you not do what you can?
As previously mentioned, Investec Wealth & Investment provided an alarming statistic 21% of millionaires are without a Will in place.
IHT is no longer a “rich persons tax”, but the everyday persons tax.
Do not take expensive risks.
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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.