June 21, 2024

Inheritance tax - what can you do about it?

Inheritance tax is something which is affecting more of us than ever, due to rising house prices and allowances being frozen since 2009.

Inheritance tax is no longer a tax on the wealthy.

Recent figures show an increase of 7.5%, meaning the treasury is on track to take over £7.6 billion in inheritance tax in the 2023/2024 tax year.

So, what can you do about it?

The first thing, and I really cannot stress this enough, is to take professional advice.

I have seen multiple times the effects of people trying to skirt the system, having taken advice from friends, family, or colleagues thinking they're being clever. It doesn't work and it often ends up costing the families more.

The answers are broadly to spend it or to gift it, but it is HOW you do this that really makes the difference.

Using gift allowances, trusts, investments which are specifically for this, even taking out life insurance to cover the cost of the inheritance tax itself... There are multiple solutions.

This is a complex planning area, but the reality is for many that this is largely an optional tax. If you seek professional support and act early with a little planning, there are a number of perfectly legitimate ways for you to reduce your inheritance tax liability.

Willow Tree Financial Services are a Financial Adviser based in Polegate, East Sussex, UK. We specialise in Financial Planning, Mortgages, Investments & Pension Planning, Protection & Insurance Wills, Trusts & Estate Planning. Contact us on 01323 436680 or by emailing rachael@willowtree-fs.co.uk.

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Trusts and Inheritance Tax are not regulated by the Financial Conduct Authority.

Approver Quilter Financial Services Limited and Quilter Mortgage Planning Limited 19/04/2024.

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