Inheritance tax threshold frozen until 2019
News last week that the inheritance tax threshold is to be frozen at £325,000 until at least 2019, came as no surprise to most people. This is despite having been told that it would rise in 2015-2016 and would eventually reach £1m.
Unfortunately, it does mean that many more of us will be caught up in the net of inheritance tax (IHT), whilst the government ploughs money into social care reform.
Early figures suggest that around another 5000 middle class individuals will find themselves liable to pay IHT as a result of these recent rulings.
As a result, those who feel IHT may now be applied to their estate are being urged to take steps now in order to protect assets from IHT as much as possible.
Research from Unbiased has revealed that around £448m was wasted by tax payers last year, who failed to plan effectively and whose money therefore went to the tax man.
Don’t wait until it’s too late. Protect your loved ones and make sure you have plans in place so that they will be able to claim as much of your estate as possible.