Will making could save Britons millions in IHT

Britons could pass on almost £2 billion more to their children and grandchildren by carrying out inheritance tax planning, which includes writing a will.

An extra £1.9 billion could be saved and passed to beneficiaries each year by planning properly, according to Unbiased.co.uk.

Inheritance tax is charged at 40 per cent on any assets over £312,000, with property, savings, investments and personal possessions included in the calculations.

The rapid rise in property values over the last decade means many more individuals are being caught up in the inheritance tax net.

But the levy can be minimised or even eliminated through effective planning and writing a will is the first and most important step to ensure assets are passed on to the correct heirs.

The charity Help the Aged advises people to check their will every five years to make sure it is kept up to date and changes in circumstances are accounted for.

  • Making a Will News from Lawpack: save legal fees now with the DIY Wills specialists.

Published on: July 16, 2008

Did you like this article? Share it!

101 Ways to Pay Less Tax (2018/19)

Pay less tax advert

Full of easy-to-follow tax-avoidance hints and tips on how to reduce your liability, both personally and in your business.

Read More