A recent survey has highlighted the importance of inheritance tax planning by revealing that 69 per cent of people, who are aware of the potential impact on their estate, have not begun planning to mitigate the effects.
The research from Legal & General also revealed that half of those aged under 50 were eager to learn more about tax mitigation after learning the potential impact of inheritance tax.
For those with an estate exceeding £325,000 in value, the balance in excess of this amount could be taxed at 40 per cent. Planning ahead and making use of transfers and gifts can reduce the excess.
Commenting, Mark Green, head of tax and estate planning at Legal & General said: “People clearly resent the idea that their hard-earned wealth should be taxed repeatedly but seem resigned to leave their estate to the tax man.
Our latest research points to the need to break through this barrier of complacency and make more people aware of the accepted legitimate routes available to plan effectively for IHT.”
Contact us to find out how we can help you with your inheritance tax planning.
