Inheritance Tax (IHT) is a hotly discussed topic and a notoriously unpopular tax. It has been recently reported that the Government is considering abolishing it.
Inheritance Tax is often perceived as an unfair tax, commonly because the event which triggers a liability to IHT is death. People also view take the view it is a tax levied on assets that have already essentially had tax paid on them and hinders the next generation. There is a growing feeling that families need to be proactive about their financial planning and that inheritance tax planning is still important.
Inheritance tax (or the potential of it), is another reason why it is important to detail your wishes and also list any beneficiaries in your Will. The availability of certain allowances and reliefs does help to limit the impact of IHT, but with the suggestion that the Government are actively looking for ways in which to increase its tax take, it is important to be organised, protected and aware.
