The latest Treasury statistics show the Government gained a record £4.6 billion in Inheritance Tax.
That is almost double the £2.4 billion that they took in 2009-2010.
When we have worked hard, paid taxes and saved all our lives to then be subject to inheritance tax at 40% just seems so unfair.
But for many of people this is not inevitable. In many cases with some sensible planning the tax bill can be substantially reduced if not totally avoided.
Talking to an experienced accountant is the best way ahead but here are a few, free starting tips:
• Make sure your will is up to date. Don’t just use the family solicitor – ask around until you get a firm recommendation for a specialist.
• Make sure you understand just how effective pension plans are in producing tax effective inheritances and avoiding inheritance tax.
• Take some advice on the use of Trusts. In many cases you can continue to take an income from your investments whilst making sure the capital does not fall into the IHT net.
We have all paid enough tax during our working lives and on our pensions. Surely it makes sense to reduce the final tax bill if that can be done without putting our financial security at risk. This is your family’s money. Make sure that it stays your family’s money not the taxman’s money.
So if you or other members of your family, would like some guidance from someone with several decades of financial and tax planning experience here in Gloucestershire you can either ring us now on – email us on firstname.lastname@example.org or click the Contact Us buttonor please fill the form at the bottom of the contact us page.