Modern Wills, Old Fashioned Service
A staggering 2.4 million homes are affected by inheritance tax; this is set to rise to 4 million by the end of this decade. Within five years 12% of the total adult population of the UK will become liable on death to pay this Tax! Between 1997 and 2004 the threshold was increased broadly in line with the retail prices index, rising by 22% compared with house price inflation of 129%. The Government this year estimates inheritance tax revenue to be £3.4 BILLION POUNDS!
Mitigating inheritance tax with a ‘discretionary will trust’ is perfectly legal and leaves you in control of your assets and income while you are alive. Just as important, it leaves you or your spouse in control of assets and income when one of you dies. So unless you actually want to leave up to 40% of the value of your house and savings to the Inland Revenue, this should be the cornerstone of your Inheritance tax planning strategy.
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