Inheritance tax threshold is frozen

It was gloomy news for many of us this week, when Chancellor George Osborne stated that the inheritance tax threshold will remain at £325,000 until 2015, when it is expected to be raised by by £4,000 to £329,000 – just before the next general election.
This is of course a far cry from the promised £1 million nil rate band and is a move which will see potentially hundreds of working and middle class families, with parents who own fairly modest homes, being hit in the pocket, at a time in which every penny counts.   In fact, the Treasury has calculated that this freezing of the threshold will result in an additional £80 million being paid to HMRC in inheritance tax payments between now and 2015.
A professional estate planner will be able to advise those making a will, of the best ways to minimise any inheritance tax liability which may fall due, in the event of their death.

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