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In 2017/18 the government took £4.7bn in inheritance tax (IHT) and according to a recent survey * this figure is set to increase by a third over the next 5 years, despite the introduction of the new property nil rate band.

The survey showed that 56% of 61 to 65 year olds have not yet made a will. Furthermore, it stated that one in four people were unaware if there could be an inheritance tax liability on their assets and over 22% of people did not know that their ISAs would be subject to IHT.

Whilst IHT planning can be complex and require some difficult decisions, there are many relatively straight forward solutions which can save families vast amounts in IHT.  It is important to start planning early as some solutions can take up to 7 years to become effective, although there are planning strategies that can offer a reduction in liabilities after 2 years, and one springs to mind that can result in an immediate reduction. Many of these solutions will allow individuals access to their capital and or income whilst also saving on future IHT bills.

 A good independent financial adviser will be able to explain the various options and recommend suitable solutions tailored to individual circumstances. 

Mark Barr
Independent Financial Adviser

*source available upon request