The average UK household could be overlooking a ‘neglected document’ that could potentially slash inheritance tax after predictions that estates set to pay the 40 per cent tax charge is set to rise to 50,000 by 2027.
GB News has reported that Andrea Rozario, ,chief corporate officer at Bower Home Finance has warned Brits that those who have children and grandchildren should write a will as soon as possible to ‘save thousands’. According to the money expert thousands of people in the country have neglected to write a will and their estate is at risk of being distributed according to the rules of intestacy.
She told reporters at GB news: “You’d be surprised how many people neglect to make a Will. If your wishes aren’t written down in legally binding document, this can complicate the inheritance process and even result in a higher tax payment.
“A lot of people make the crucial mistake of overlooking the implications of not having one. If you want to pass your property down to your children or grandchildren with minimal fuss, trusts and wills are the way to go.”
With house prices soaring, more estates are now being subject to inheritance tax as the average inheritance tax bill reaches £233,000. Andrea said: “These documents can include specific provisions to help minimise tax liabilities. By incorporating tax-efficient strategies into your estate planning, you can safeguard your assets for future generations while minimising the tax burden.”
With house prices soaring, more estates are now being subject to inheritance tax as the average inheritance tax bill reaches £233,000. Andrea said: “These documents can include specific provisions to help minimise tax liabilities. By incorporating tax-efficient strategies into your estate planning, you can safeguard your assets for future generations while minimising the tax burden.”
In the 2021/22 tax year, 4.39 per cent of deaths in the UK met the £325,000 estate threshold to be taxed by inheritance tax. Each individual is taxed at a rate of 40 per cent on all their assets above a threshold £325,000.
One Response
I have to agree .. often neglected and in many circumstances not fully understood as to how it can protect the family in so many ways .. hence our drive at the CTT Group to digitise the client journey and make it so much easier for all involved ..