Inheritance Tax Threshold Raised - Really?
October 10th, 2007
The news in yesterday’s budget that the inheritance tax threshold has been raised for married couples and civil partnerships to £600,000 has been welcomed by most, however we fail to see any benefit.
Let’s examine the facts.
Up until yesterday, spouse A could put in place a discretionary Will Trust, so that on their death £300,000 could be put in trust for the benefit of their surviving partner and then their children, without Inheritance Tax. Then on the death of spouse B, an additional £300,000 could be passed free of Inheritance Tax. Therefore those willing to involve a financial adviser and solicitor to take a more detailed approach to their wills, are simply no better off today, than they were yesterday.
The changes to Inheritance Tax announced by Chancellor Alistair Darling may seem like a step in the right direction, but the reality is that Inheritance Tax is still a complicated issue that you may need advice on. To speak to a Torquil Clark Financial Planning Independent Financial Adviser, call 0800 294 7199 or get in touch online.
Author: Philippa Gee
October 10th, 2007
Category: Financial Advice.
