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Why is there growing interest in inheritance tax planning? In 2020 and 2021 inheritance tax (IHT) was among the few revenue-generating taxes that increased in value, with over £5.3 billion paid on the estates of the deceased and loved ones1.
With rising property prices, and in many cases increased personal wealth through savings, investments, and pensions, there has certainly been a growing interest in effective inheritance tax planning. Certainly, current IHT thresholds for individuals at £325,000, and £650,000 for married couples and civil partnerships, mean that more and
more people are finding that their estates will be
subject to tax at 40%2.
It would seem too, that Covid-19 has understandably given rise to greater consideration to estate planning both from a personal perspective but also in terms of wealth protection. Whilst estate planning historically might be seen as something for later life, there is a growing trend and need, for much earlier planning.
1. Inheritance Tax (gov.uk, 2021) 2. HMRC tax receipts and National Insurance contributions for the UK (HMRC, 2021)