fbpx



Home
About Us
Services
Events

Blog

Credentials

FAQ
Contact

Inheritance Tax bills are on the rise. Is your Estate in Order?

by | Dec 3, 2020

Revised government figures published alongside November’s spending review forecasts a 20% increase in Inheritance Tax income, largely due to the devastating impact of the COVID-19 pandemic.
estate_in_order_image

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.

 

Get top tips and insights, straight to your inbox.

Sign up to our helpfully unintrusive newsletter and get events, news, and insightful views straight from our experts.

Shares
Share This