Jessica Jamieson and Simon Dawson examine the need for attention to inheritance tax planning and estate management.
As a result of frozen inheritance tax (IHT) allowances, and rising estate values, more people need to consider what IHT is, how it affects their estate, and how those left behind finance the costs, especially if there is insufficient liquidity in the estate.
Lifetime inheritance tax planning
IHT receipts climbed to £4.1bn between April 2021 to November 2021, £600m higher than the same period a year earlier. This suggests individuals are not seeking appropriate legal advice on ways to manage their tax bill.
IHT is a tax on the assets of someone who has died, including their property, money and possessions. Many people have drifted into the IHT net following an increase in prope...
“Gifts of any size to UK registered charities are free of IHT and may also qualify for Gift Aid when given during your lifetime.”
