August Private Client update: Inheritance Tax - how much will you pay?
- Author: David Crosby
- Posted on: 11th August 2014
- Posted in: Blog
Many of you may have seen today’s article in the news which outlines the review being undertaken by HM Revenue & Customs into schemes that have been set up to avoid the payment of inheritance tax upon death.
HMRC are considering demanding ‘accelerated payment’ where savers are using certain inheritance tax avoidance schemes.
The measures are currently at the consultation stage and are a response to concern that more and more people are using trusts to shield their Estates from inheritance tax.
Although no final decisions have been made, it is important that people are aware of inheritance tax and what allowances and options are available. There are lots of steps that can be taken without the need to set up a complicated and, in future, possibly ineffective Trusts.
For more advice and to discuss Inheritance Tax and what this means for your please call our Partner Greg Woods. He is a full member of STEP, the professional body that represents and trains professionals in the complicated area of Tax Law.
You can contact Greg Woods directly on 01273 734600 or email email@example.com