Families paying the price of complex legalities of Inheritance Tax
HMRC have reported an 8% increase in IHT receipts last year, resulting in a £5.2 billion take for the Government and according to John Carruthers, Solicitor Advocate with Oracle Law, that is due in part to families being unable to take advantage of tax free allowances due to the law being difficult to understand.
John Carruthers commented:
“The growth in tax receipts is driven by increased property values throughout the UK. Recent Government measures entitle couples to leave a family home valued up to £850,000 tax-free but financial advisers have reported that families are not taking advantage of the allowance. It is believed that one in six estates have not benefitted from the allowance.
“Inheritance Tax can be complex and executors need to make sure they are maximising the available funds for the beneficiaries.”
Help is at hand. We can advise on tax free allowances and ensure that the Estate does not overpay tax to the Exchequer.
For advice on estate planning contact Stephen Mullan or John Carruthers at Oraclelaw Solicitors.
1a Helena House
Glasgow
G76 7RB
0141 404 1091