Yesterday we looked at the numbers of unexpected deaths and how Inheritance tax can be an unexpected financial cost. There were 23,000 such deaths in the 2019/20 tax year, a 4% increase over the previous year[1]. Given that this data only goes back to the beginning of the pandemic, this figure is likely to have risen significantly in recent years as asset prices have risen.

With many more estates likely to be subject to an Inheritance Tax bill, it is critical that you have a conversation with your loved ones as soon as possible so that you all fully understand your estate, its value, and the possibility of having to pay an Inheritance Tax bill.

Contact Woodward Markwell for further information and see how we can help.

Source data: [1] https://www.gov.uk/government/statistics/inheritance-tax-statistics-commentary/inheritance-tax-statistics-commentary