In 2017, the taxman collected over £5 billion in tax on people’s inheritances
There was a time when Inheritance Tax was described as a ‘voluntary’ tax. But the amounts now collected by HMRC suggest otherwise.
The fact is that the generation born after the war has had greater opportunities to build wealth than any before it, particularly in property. Ordinary people who have worked hard for years can now find themselves and their loved ones in a financial world once restricted to the wealthy.
Over the past 20 years it has become steadily harder to avoid Inheritance Tax
In many ways, options to prevent those you leave behind from tax liability are limited to either giving assets away (within strict rules) or insuring against the liability.
That said, many people unwittingly pass on a financial burden to loved ones simply because they don’t understand, or take advantage of, the allowances and opportunities the government provides to mitigate inheritance tax.
Will the taxman benefit more from your death than your loved ones do?
Not everyone has the need to plan against Inheritance Tax. But, if you’ve steadily built your assets and capital over the years, we’ll be pleased to discuss your potential liability and help you devise a strategy that will help those you leave behind to keep as much of their inheritance as possible.