Inheritance Tax alert as ‘gifts going wrong’ see hundreds lose out – more families caught | Personal Finance | Finance


Chancellor Rishi Sunak’s decision to freeze the threshold at which Inheritance Tax is paid at £325,000 until 2026 has led to thousands more families being caught in the net.

Rising property prices across the UK mean that it’s no longer uncommon to own a house worth £325,000 or more which could mean homeowners are penalised when it comes to passing it on to future generations.

Private wealth law firm Boodle Hatfield claims that given recent increases in property values, HM Revenues and Customs (HMRC) is likely to be examining IHT returns closely to ensure the right amount of tax has been paid.

This will also include looking at gifts of property that have been made to mitigate the tax, to make sure they have been executed properly.

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