UK inheritance tax found to be the second highest in the world
The UK and Ireland take the highest proportion of inheritance tax of any of the world’s major economies, a study by accountancy firm UHY Hacker Young has found.
On average death duties of 25.8 per cent are paid on a UK estate worth more than £1.8 million, which is far above the global average of 7.67 per cent.
The UK’s inheritance tax threshold – which has been set at £325,000 since 2009 – is the second lowest in the developed world. By contrast the USA has a £3.2 million inheritance tax threshold which has risen steadily during the last decade. Countries such as Australia, New Zealand and Israel have abolished inheritance taxes entirely.
Gaby Hardwicke Partner Antony Caulfield commented: “With the government having announced that the inheritance tax threshold will not rise before the 2018/2019 tax year and with house prices rising sharply, once again, it is inevitable that more and more people are going to be drawn into the inheritance tax net.
“It is often possible, with careful planning and a well drawn up will, to take advantage of inheritance tax reliefs, in order to mitigate potential inheritance tax liabilities and it is therefore more important than ever to take specialist advice and plan ahead.”
Expert legal advice on wills and estate planning
For expert advice on estate planning and to maximise any tax-saving opportunities contact Antony Caulfield (pictured) on 01323 435 900 or .
Posted: 16 April 2014
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