Following a recent simplification review of Inheritance tax (IHT), the OTS (Office of Tax Simplification) said that the process is complex and old fashioned.
During the review, over 3,500 people shared their opinions about IHT, which makes this particular review larger than any other carried out previously. Of the responses received, a large percentage thought that the forms were too complicated even when only small estates were left behind.
Approximately 570,000 people die in the UK each year with IHT payable on less than 5% of the estates. Around half of the estates need to submit IHT forms. Many people also told of how they had known relatives to worry about IHT during lifetime, even though it was not likely to affect them.
IHT should not be something that keeps you awake at night. At Gepp Solicitors our friendly and experienced team can assist with lifetime planning to reduce the potential inheritance tax payable on death, and can help with the administration after death, giving you and your loved ones peace of mind.
If you would like more information about how we can help, please contact the Private Client team on 01245 228127 or send an email to privateclient@gepp.co.uk.
