So, in theory, Inheritance Tax (IHT) attempts to spread wealth ‘fairly’—basically stopping the rich from getting richer.
Some people believe that state money benefits everyone. But we know the UK Government wastes hundreds of billions per year, which means more and more people are deciding they want control over who benefits from their money when they die.
The current IHT allowance is a meagre £325,000. If you’re worth less than this when you die, then Inheritance Tax should not be a problem for you. But anything over this limit is taxed at 40%, which isn’t far off half. You’re likely to have paid tax throughout your life. Who would let the Government take another 40% of it when you die? Yet the taxman collects over £6 billion in this unfair tax every year.
People who have accumulated wealth have usually done so through hard work and making smart investment decisions. What they don’t realise is that this could all be for nothing if the taxman benefits from it rather than their family. We are often involved—sometimes too late—in cases where the taxman stands to get a much bigger legacy than the family. That just can’t be right.
The Government is quite happy to waste your money on failing schemes and false promises.
Inheritance Tax is, in effect, a voluntary tax. There are many simple actions to avoid it or soften the blow. Which means your family won’t lose out.
Inheritance Tax is attacking more and more ordinary hard working families, which is why we do everything in our power to protect our clients’ money.
If you’d like to learn more, request our FREE Inheritance Tax Guide.
Alternatively, if you want to join hundreds of our clients who’ve decided their family, not the taxman, should inherit their money, call us on 01904 661140 now for a friendly no-obligation chat with one of our Inheritance Tax specialists.
- Straight To the Point About Inheritance Tax… - February 22, 2021
- “How Much Is Enough?” Julie Wilson, Penlife Associates - January 25, 2021