Over one million people at risk of having inheritance tax liability
More and more families are getting caught by ‘Britain’s most unpopular tax’ – also known as inheritance tax.
Rising house prices and frozen tax thresholds are largely to blame. This tax year, £5.3 billion is predicted to be collected in inheritance tax revenue.** Going forwards, the figure is forecast to climb even further.**
According to insurer NFU Mutual, an estimated 1.4 million over 60s could be on the verge of falling into this tax trap. Nine per cent are either sitting on wealth, at or just over the tax-free threshold. And worryingly, over half are unsure how to avoid it.^^
Act now to protect your legacy
There are many smart ways you can reduce, or eliminate, your potential liability. However, research shows 88% of people don’t understand solutions such as lifetime gifts.^ So it makes sense to seek financial advice. To help our readers, Mail Finance has carefully chosen Skipton Building Society. With 30 years’ experience in offering financial advice, they can help you calculate your potential liability, and look at the best ways to tackle it.
• Over a free initial phone consultation with Skipton, you can discover if you’re affected by inheritance tax.
• If you want advice, you can benefit from a face-to-face review through a simple video link, in-branch or at home.
• Skipton will take time to understand your situation, guide you through the complexities. And provide tailored recommendations for you to consider.
• There’s absolutely no pressure to act.
Skipton has recently reduced their charges to make it even more cost-effective to create a better plan for your legacy.
The aim of inheritance tax planning
is to help you address your liability. However, some solutions may put your capital at risk, as you may get back less than you originally invested. Some areas of inheritance tax planning aren’t regulated by the Financial Conduct Authority. Thresholds depend on your circumstances and prevailing legislation. Both of which may change in the future.