A more aggressive approach by HMRC in investigating people’s estates has seen the amount of money collected by the Government through Inheritance Tax increase by nearly 15% in the current financial year, according to experts. With figures released by HMRC showing that Inheritance Tax receipts from the beginning of the 2017-18 tax year stand at £3.6 billion, rising by £472 million or 14.6% on last year, it is believed that tax authorities are taking a more heavy-handed approach when it comes to challenging Inheritance Tax avoidance.
The surge in Inheritance Tax receipts comes despite the fact that house prices are rising more slowly than in previous years and despite the introduction by the Government of new Inheritance Tax rules that mean a more substantial part of a person’s estate can now be passed on tax-free after death. The introduction of the additional ‘residence nil-rate band’ of £100,000 per person in April last year essentially means that the threshold at which Inheritance Tax becomes payable is now £850,000 for family beneficiaries.
In light of HMRC’s renewed focus on Inheritance Tax, it is now even more important to get the best legal advice to ensure that your estate is distributed effectively and in the manner you wish. Speaking with an experienced Estate Planning Solicitor from Wilford Smith about drafting a Will and the best tax planning options for you is essential when it comes to making sure that a greater proportion of your estate is passed on to your family, friends, or to charities or causes that are important to you.
Inheritance Tax planning is the legal method by which a person can arrange their finances so that the Inheritance Tax due will be reduced, meaning that more of your estate can be passed on to the people and causes you care about. Wilford Smith’s Estate Planning Lawyers are experts in the complex area of estate planning and can provide you with all the information you need to plan for the future.
Drafting a Will can reduce your liabilities in many ways, and you can set up trusts with your Will to best manage and protect your assets. Additionally, a Will can be used to shield assets owned by you from third parties. Wilford Smith’s Estate Planning team offers a comprehensive service in all areas of Estate Planning and is experienced in managing estates of all sizes, including large estates and those that are international in scope. We provide you with a uniquely personalised service tailored to your needs.
Our solicitors are based in London, Sheffield and Manchester and advise clients throughout England and Wales. Contact us today on 0808 168 5813 or using our online contact form to find out how we can help.