How to beat the HMRC crackdown on IHT You could be made to pay inheritance tax (IHT) on your assets before you die. That’s what the government is proposing. Here’s how to avoid the HMRC crackdown on IHT. As part of its campaign against aggressive tax avoidance, the government wants to give HMRC the power to make suspected IHT tax avoiders pay upfront. Early details suggest that HMRC would focus on trusts used in estate planning. While efforts to combat tax evasion are worthwhile, the concern is that people using legitimate trusts and plans would be targeted under these new powers. While HMRC has made the point that only a small number of wealthy people would be affected, there have been plenty of reports suggesting that the impact could be a lot wider. So, how do you protect yourself against an unwanted tax bill? Get qualified estate planning advice. More and more people are set to receive IHT bills –the number is expected to rise by as much as a third in 2014, largely as a result of the upturn in the housing market and the increase in house prices. HMRC reported a 10% increase in IHT revenue for 2012-2013 and a similar increase shouldn’t be ruled out for 2013-2014. IHT currently stands at 40% of the value of an estate over £325,000. Consulting an expert inheritance tax adviser can help you legitimately mitigate this tax burden and ensure that you don’t appear on HMRC’s radar, now or in the future. By choosing qualified financial advice – new research from unbiased.co.uk shows that £500 million was wasted on inefficient IHT planning in 2013 – you can be sure of your estate planning. To find out more about Independent Financial Solutions’ services, contact us on 0800 980 4316 or by using our enquiry form.
Posted on: Fri, 05 Sep 2014 16:01:47 +0000
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