The Association of Accounting Technicians has called for several inheritance tax exemptions to be scrapped.
Nearly £5 billion of inheritance tax (IHT) was collected in 2016/17, more than double the £2.3 billion received by the taxman in 2009/10 when the current nil rate band of £325,000 was introduced.
Chancellor Phillip Hammond recently described Britain’s inheritance tax system (IHT) as being ‘particularly complex’.
Chancellor Philip Hammond has written to the Office of Tax Simplification (OTS) to order a review of inheritance tax (IHT).
Many grandparents are keen to pass on their wealth down the generations, and particularly to grandchildren, but there are challenges that a good wealth manager could help you address.
The latest receipts from HMRC published on the eve of the Budget show the taxman is on course to take a record £5.5 billion from people’s estates this tax year, according to NFU Mutual.
The government has launched a consultation to assess how existing legislation on wills could be updated.
The combination of improving longevity and an ageing population means growing numbers will need some form of care in old age.
Becoming the executor of a family member’s estate is laudable – but it could land you with a sizeable inheritance tax bill.