With the ever-increasing rise in house prices, people living longer and subtle changes in its operation inheritance tax is becoming more of an issue for more people.
Without taking action in advance individuals can unwittingly run up an IHT bill into the £10,000s. The most common scenario where this happens is where a spouse leaves all their estate to the other spouse. As a transfer between spouses is exempt there is no IHT on the first transfer. However, the surviving spouse’s estate has now effectively doubled in size so when they pass away as there is no spouse to pass it to effectively the combined estate is now subject to IHT.
Our tax advisory team can undertake an IHT review and provide feedback as to the best strategies to use to mitigate any IHT exposure such as the one highlighted above. As each individual is different then the planning and suggestions provided are tailored made.
After the review, we are then able to assist in implementing the recommendations put forward.