SAS DANIELS LLP SOLICITORS
PRESS RELEASE
The warning comes post-budget after the Chancellor announced that he would freeze the inheritance tax threshold, but if inflation continues to drive prices up whilst the tax threshold remains the same, more people's estates are likely to be caught out.
The individual tax threshold is currently £325,000 and with transferable allowances since 2007, is £650,000 for married couples and registered civil partners. However, the rate of tax above the thresholds is 40%.
"It’s a veiled stealth tax - even with the recession the worst of which we are told is behind us, if the value of property and investments continues to rise even marginally, more and more estates are likely to be caught by inheritance tax," said Pauline Platt , Probate lawyer, SAS Daniels LLP.
"Inheritance tax is often referred to as a ‘voluntary tax’ meaning that you can manage your affairs by careful estate planning during you lifetime and in your will in ways which will reduce or even eliminate Inheritance tax charges.
“Taking steps at an early stage is essential to maximise tax saving strategies – and taking into account yesterday’s budget, I’d advise anyone with an estate to bequeath to think about it now."
SAS Daniels LLP has offices in Stockport , Macclesfield, Chester
Ends
Further information:
Iain Macauley or Megan Codling
07788 978800 / 07795 848586
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