Record numbers seeking advice on inheritance tax
With the inheritance tax threshold now frozen at £325,000 for individuals or £650,000 for married couples, more people than ever are seeking inheritance tax advice, in an attempt to minimise any IHT which will fall due on their estate, in the event of their death.
In a study by deVere United Kingdom, 73 percent of its clients have sought IHT advice. No longer is it just the requirement of high net worth individuals – many of those with family homes who feel they will be caught in the net are also seeking professional advice. In total, it is estimated that this IHT freeze will hit around a million more individuals over the next few years.
There are a number of exemption and relief schemes available, so if you feel that your assets on death may well be valued over this threshold, then it is worth finding out if you can reduce the 40% inheritance tax which is likely to be applied.