The Office of Statistics has recently released figures that show that the amount of inheritance tax paid by estates increased by a whopping 8% in 2017/18 over the previous year. This equates to £388m, which is not an inconsequential amount.
In fact, the amount of inheritance tax paid to HMRC has increased year on year since 2010/11 with no sign of slowing. According to the report, the increase is partly down to the increasing value of houses and the nil rate band being frozen since April 2009. The impact of the residence nil rate band has yet to be reported and it is expected that the 2019 figures will shed more light on this.
Simple tax planning during lifetime can help reduce the tax burden on estates. Our specialist advisors can help you plan for the best financial outcome from the worst of events in a thoughtful and considerate manner.
If you would like to talk to someone about your options, please don't hesitate to contact Marc Dorsett on 01245 228146 or dorsettm@gepp.co.uk.
