Inheritance Tax is a hot topic, mainly with people not wanting to pay it, or more accurately not wanting their beneficiaries to pay it after their death. The great publicity which often surrounds Inheritance Tax is, however, surprising when you consider that only 4% of estates of people who die are subject to Inheritance Tax. This is, however, an increase from the 2.5% of estates that were subject to Inheritance Tax in 2009/2010, accordingly to HM Revenue and Customs’ breakdown of receipts of Inheritance Tax for the 2016/2017 financial year.
Some £4.84billion was collected in Inheritance Tax during the 2016/2017 financial year and this is only 4% higher than in the previous tax year which is a much slower growth than seen over previous years. Recent reports in the Daily Telegraph suggest this may simply be down to random fluctuations in the death rate.
If you are concerned about Inheritance Tax, or any aspect of your estate or estate planning, including making a Will, please contact Gary Ovey on 01208 72328 or email email@example.com