As the cost of Government support for those affected by the coronavirus continues to increase, talk inevitably turns to how it will be funded. Tax rises are an option but with Boris Johnson pledging not to increase Income Tax, National Insurance and VAT there is perhaps limited opportunity. Inheritance Tax (IHT) has been in the spotlight recently and this may be an area that changes are made.
In July 2019 the Office for tax Simplification (‘OTS’) published its second report into IHT. Proposals to overhaul the Inheritance Tax may look good on the surface, but it is also important to consider how the removal of complexity would lead to the abolition of some useful tax breaks.
Richard Neea, Head of Wills Tax and Probate at Enoch Evans LLP comments ‘While changes in legislation should not be second guessed, if the suggestions made by the OTS are ever to be implemented then the amount of opportunities to plan and mitigate your Inheritance Tax liability will be reduced, so now may be the time to act. I would urge anyone who is concerned about the Inheritance Tax that may be due on their death to seek independent, professional and expert advice as soon as possible. There are things you can do to reduce the burden of this Tax on loved ones.’
The expert lawyers in the Wills, Tax and Probate team at Enoch Evans LLP are based across two offices in Walsall and Sutton Coldfield. The team have a wealth of experience in advising upon and drafting Wills. The team are also experts in providing bespoke Estate planning advice including how best to plan for and reduce the Inheritance Tax that will be due on death. The Department is accredited by the Law Society as members of its elite Wills and Inheritance Quality Scheme (“WIQS”).