families affected by Inheritance Tax

Inflation causing unexpected issues for families affected by Inheritance Tax

During this unprecedented time of financial challenges, increasing inflation is causing real issues with families across the UK.

Experts predict that inflation will reach a 40-year high which is contributing to the continued increase in property values. The current estimate is one in 42 homes are worth over £1m.

One of the ways this is causing issues for families is through unexpected Inheritance Tax (IHT) bills.

Inheritance Tax bills

With the nil-rate band frozen at £325,000 for over a decade now, families can find themselves faced with a large IHT bill following the passing of a loved one.

David Crooke, Head of Sales at Tower Street Finance, said:

“With inflation creating real strain on the cost of living, people may not have the funds available to access the right advice to get their affairs in order.

It can also be a big surprise for people to find out that a property within their family may be worth far more than they would have thought. These two factors create the potential for large IHT bills and a nasty surprise.

The good news is that we can help people who find themselves with an Inheritance Tax bill that they can’t afford to pay. Our Inheritance Tax Loan product can ensure they can settle the IHT bill, with no credit checks or personal liability, and keep the process of Probate and Estate Administration moving along.”

Tower Street finance can also help beneficiaries to access their inheritance quicker through the Inheritance Advance product, should the need arise.

Find out more about our Inheritance Tax Loan or Inheritance Advance products or call us on 0343 504 7100.

This article was submitted to be published by Tower Street Finance 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.

Read more stories

Join over 6,000 wills and probate practitioners – Check back daily for all the latest news, views, insights and best practice and sign up to our e-newsletter to receive our weekly round up every Friday morning. 

You’ll receive the latest updates, analysis, and best practice straight to your inbox.

Features