In recent weeks it has been revealed that over 1 million people over the age of 60 risk their estates entering the inheritance tax (IHT) liability threshold.
According to a government forecast, one million additional estates are nearing the £325,000 inheritance tax threshold because of historically rising house prices; a figure which NFU Mutual believe is closer to 1.4 million estates.
Whilst many people will plan for the disposal of their estates in a tax efficient manner, there are still many unsuspecting people who are unaware of the impact that their potential IHT obligations could have on their families.
The Office for Budget Responsibility (OBR) forecasts have predicted that this windfall of liable estates is going to increase inheritance tax contributions by over £1 billion in the next five years.
For the financial year 2018/19, the government received £5.3 billion in inheritance tax contributions. By 2021/22, this number will rise to £5.6 billion and the OBR are confident that in 2023/24 the total will exceed £6.3 billion.
When so many estates are hovering on the edge of the IHT threshold, it is imperative that estate owners are offered appropriate guidance that could help to minimise the overall total they are liable to pay.
The Institute of Professional Willwriters (IPW) and Institute of Scottish Professional Willwriters (ISPW) have many members with an expert understanding of estate taxation who could help the masses that are about to be affected by IHT complications.
The Willwriting Academy Limited offers a range of courses to ensure that practitioners remain up to date with important issues impacting their clients.
On July 9 at the IBIS Styles Hotel in Birmingham, the Willwriting Academy Ltd will be running an Introduction to Estate Taxation Course which will build on and consolidate previous knowledge regarding inheritance tax whilst also offering fresh insights aimed to help ease the inheritance tax burden.
The course will offer important strategies which can be used to tackle IHT issues as well as developing a grounding in capital gains tax (CGT).
As more and more estates are dragged beyond the IHT threshold, the importance of these issues is only going to increase. Make sure you are in a position to confidently advise your clients by signing up for the Introduction to Estate Taxation course today.
This article was submitted to be published by the Institute of Professional Will Writers as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
