The Office for Budget Responsibility estimates that Inheritance Tax (IHT) will be charged to one in every ten estates in the tax year 2018-2019, rather than only one in forty in 2009-2010. With house prices resuming their inflationary trend and a nil-rate band frozen at £325, 000, HMRC’s proceeds from IHT will reach £5, 800 million in four years’ time, a bigger share of the national income than at any time in the past 45 years, says the Institute for Fiscal Studies. Yet, this is a tax which is often described as “voluntary”, because the simple procedures involved in consulting your solicitor and making a will can preserve much, if not all, of your estate from paying IHT. Why not arrange an appointment with D. R. Brewster, Solicitors today to discuss Inheritance Tax planning and the preparation of your will?
- 11 Jun, 2014
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