Figures released in August underline that an increasing number of families are being dragged into the inheritance tax (IHT) net due to years of house price increases, soaring inflation and tax freezes. Inheritance tax receipts are up 10% year-on-year with many also overpaying the bill by not checking the numbers with an expert in this field.
Inheritance tax receipts hit £2.6 billion between April and July 2023 according to data released by HMRC this month, which represents a leap of £237 million, 10% higher than the same period last tax year.
For many people the fear over inheritance tax is the worry of leaving your bereaved family to stump up a mighty tax bill, especially as the tax is usually due before they can get probate, which gives them access to your estate. Taking independent, expert advice is key in achieving peace of mind and confidence that this won’t happen in your situation.
Here at The Financial Planing Group we agree that, no matter what age you are, it is important to make sure you a have a Will that reflects your current wishes as well as preparing your finances so that you and your family aren’t over exposed to Inheritance Tax.
For professional, independent, financial advice on helping to mitigate IHT costs through careful planning – particularly for the more complex areas such as the Residence Nil Rate Band – please contact Tim Norris at The Financial Planning Group by calling 020 8614 4780 or by emailing him at Tim.Norris@fpgonline.co.uk.