Inheritance tax – protecting the family assets

Inheritance tax (IHT) is a tax that will affect many, with potentially devastating consequences. Inheritance tax is frequently talked about and still much misunderstood. What is undeniable is that a mix of house price increases, enhanced household wealth and (perhaps) a degree of inertia are contributing to the rise in inheritance tax receipts, as evidenced by HMRC’s own data showing receipts of £5.2 billion in the 2017/18 tax year, with projections indicating a record £6.5 billion plus in this tax year.

It’s fair to say that the Government has introduced various helpful measures, and perhaps more are to follow shortly, as reform is promised to make the inheritance tax rules less complex.

But with political uncertainty and the threat of increases in tax levels (if there is a change of Government) I feel it’s the right time for us to raise awareness of inheritance tax, and we encourage you to start looking at protecting assets to safeguard your family’s future.

In a series of inheritance tax articles between now and the end of the current tax year I’ll be providing expert commentary on measures to help save you money and protect your wealth. I’ll be looking at the ’starting point’, moving on to how you can use current exemptions and finishing with top tips to beat the tax.

Raising awareness of inheritance tax is one thing but we also recognise the unique nature of your tax affairs and there is no substitute for bespoke inheritance tax planning. The time to act is now and we will be delighted to help and support you and your family.

Need help?

For more information on how we can help with inheritance tax, please speak to me or to your usual Larking Gowen contact.

Call 0330 024 0888 or email enquiry@larking-gowen.co.uk

Sally Farrow