Gone are the days when Inheritance Tax (IHT) was the sole concern of the wealthy. But while many people are aware of the need for IHT planning, few still do anything about their potential liability. So few, in fact, that HM Revenue & Customs collected £5.2bn in IHT revenues in 2017/18 tax year alone *.
IHT is just one of the many areas to consider when protecting your family and home - others include Capital Gains Tax, illness and loss of income. Assessing the right protection for your specific needs is essential to any wealth management solution.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.
*Source: gov.uk-HMRC tax receipts, 24 April 2018