Although often in the news, inheritance tax is still not widely understood. That's worrying, because it affects thousands of families every year.
If you thought inheritance tax was just for extremely wealthy people to worry about, think again. Rising property prices and increasing stock market values have meant more estates than ever are likely to face an inheritance tax bill. In fact according to the Office for National Statistics, the amount of inheritance tax collected has doubled over the last five years, and the number of estates paying inheritance tax has nearly tripled over the same period.
Acknowledging the inheritance tax problem faced by large numbers of homeowners, the Government has introduced an additional inheritance tax allowance of up to £175,000 in April 2017 to apply to the family home in certain circumstances. However, even with this, forecasts show that HMRC's inheritance tax receipts are expected to continue to rise.
The good news is that there are plenty of things you can do - in your lifetime - to take care of a potential inheritance tax problem. But finding the right options for you will depend on your personal circumstances.
Estate planning can be complicated. But it doesn't have to be. Talking to a financial adviser about your situation can make a real difference.
At Ware & Kay Financial Services we are experienced in advising individuals and families on their own personal inheritance tax position and in recommending steps they can take to reduce or illuminate any unnecessary tax liability.
A free initial consultation with a financial adviser can help you understand some of your options in more detail to help you make an informed choice.
Please contact us on firstname.lastname@example.org for more information or to arrange an initial meeting.