Nearly twice as many Britons to pay inheritance tax by 2020
During the next five years the number of Britons paying inheritance tax will almost double, official statistics have shown.
In 2019/2020, it is forecast that inheritance tax will apply to the estates of 64,000 deceased people – a dramatic rise from the 35,000 expected this year. The figures, which were published alongside the 2015 budget, will fuel concerns that house-price rises are making paying inheritance tax the norm for bereaved families in south-east England.
A study last year found that the UK’s inheritance tax threshold – which has been set at £325,000 per person since 2009 – was the second lowest in the developed world. It showed that on average death duties of 25.8 per cent were paid on a UK estate worth more than £1.8 million, which was far more than the global average of 7.67 per cent.
Reduce your inheritance tax (IHT) liabilities
With careful planning and a well-drafted will it is possible to take advantage of inheritance tax reliefs to mitigate your inheritance tax liability.
For expert advice on estate planning and to maximise any tax-saving opportunities contact one of our Private Client Services partners:
- Jonathan Midgley 01424 730945
- Gordon Howard-Smith 01424 438011
- Antony Caulfield 01323 435 900
- Richard Ostle 01424 730 945
- Cara Sheppard 01424 730 945
Posted: 25 March 2015
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