It seems that every year HMRC again break records with their Inheritance Tax receipts. This year is no exception, with a total of £5.2bn raised in 2018, which is an increase of 8%!
While Inheritance Tax bills continually rise, the Nil Rate Band remains frozen at £325,000 per person. But, change may be on the horizon. There is to be a major review of Inheritance Tax at some point this year (originally due in the Spring and now expected in the Autumn).
The Inheritance Tax system certainly seems to be crying out for simplification and is not helped by the unnecessarily complicated addition of the Residential Nil Rate Band (RNRB), which comes with enough rules and regulations to sink a battleship.
While we wait for this long-anticipated review, make sure you are well placed to pay as little Inheritance Tax as possible by ensuring your Will is up to date. So many Wills will have become out of date and unfit for purpose following the introduction of the RNRB. We have contacted all of our clients where necessary, but if you are not currently a client, make sure that you don’t miss out on the new allowance and end up paying even more than is necessary to HMRC.
Redwood is one of the Souths’ leading Pensions, Investments, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning and Probate, we can advise on any situation. Join us at one of our Free Public Information Seminars: Book online Book Me A Place!, Call us on 01489877 547 or Email firstname.lastname@example.org to book a FREE Initial Meeting with us to review your financial planning needs.