While this has drawn some consternation towards the government, the rise is largely down to many of those who passed away unexpectedly not having had the time to plan their estates properly.
Inheritance Tax is charged at 40% on assets that exceed the £325,000 tax-free threshold. Those passing on their main home to direct descendants benefit from an additional £175,000 in protections, although it tapers away for estates larger than £2m. Spouses and civil partners can share their allowances.
Don’t get caught out by the unforeseen –it’s never too early to make sure your wishes are taken care of. GSI have many years experience helping people with their estates, wills and trusts – feel free to get in touch to talk about your wishes, and to make sure you’re not paying more tax than you need to.
