Wills & Probate | £5.5 Billion Inheritance Tax Receipts – have your reduced your liability?
HMRC has recently revealed that inheritance tax for the period of April 2021 to February 2022 has reached £5.5 billion (which is £0.7 billion higher than the period year).
I have written numerous articles setting out why it is so important to have your Will prepared – e.g. to protect your family and friends, to minimise any disputes if you did not have a Will, to get your affairs in order etc.
However, this also means that you are given the opportunity to legitimately minimise the amount of inheritance tax payable.
There are many estates whereby inheritance tax has not been minimised, e.g. where no Will exists, and substantial sums are paid to HMRC.
The statistics above clearly show that the inheritance tax being paid is only increasing and the average amount paid per estate was £290,000.
Why would you not want to reduce your inheritance tax liability, if possible? You have spent your life building your assets and so it only makes sense to ensure that these are protected as much as possible.
Please feel free to contact me with your questions.
0207 183 4595
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.