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The economic devastation created by coronavirus could have a profound effect on all our financial plans. It is almost inevitable that taxes will rise as the Government attempts to fund its significant state spending and make up for lost revenue in taxation.
There is speculation from experts that one of the key measures will be a significant hike in Inheritance Tax (IHT). Jonathan Walton and Owen Kyffin from Whitley Stimpson discuss how to evaluate your IHT plans now, to remain agile and efficient and be ready for when changes do manifest themselves.
• The basic mechanics of IHT and the pitfalls to avoid in order to minimise tax liabilities.
• IHT planning tips to take away to help maximise the benefits of the reliefs available and to keep funds in the family.
• How the use of trusts can ensure your estate is passed to your beneficiaries in the way that you have chosen.