Inheritance Tax Planning
An estimated 3.6m people will be liable to pay inheritance tax (IHT) by 2009 - a 70 pc increase from 2002, according to research by accountants Grant Thornton and Lombard Street Research.
The reason for this is evident for all to see. Soaring house prices are sucking more and more people into the IHT net. 29 per cent of detached houses in March 2007 were worth more than the £300,000 IHT threshold (2007-08), compared to only 16 per cent five years ago, according to the Halifax.
Had the IHT nil rate band increased in line with property price inflation since 1997, the threshold would now stand at £513,850, according to Land Registry figures.
The revenue raised from IHT has also risen from £3.1bn in 2005 to £3.5bn in 2006, with the Government expecting to net £4.1bn from this tax in 2007-08.That said, IHT is often dubbed 'the voluntary tax,' because there are numerous ways in which you can reduce a potential IHT liability.
Through ongoing planning and possibly the use of trusts we are able to advice on all aspects of estate and inheritance tax planning.
Contact details
For a no obligation discussion of how we can help you please contact Steven Jones on 0115 9263018 or email steven@jacksonsonline.co.uk