"There are hundreds of thousands of families in the UK, if not more, with estates worth more than the IHT threshold of £650,000 thanks to accumulated savings, investments, pensions, raises in asset values, such as property, with many owning businesses as well which have significant value."
"If considered and compliant steps aren't taken, they would need to hand over up to £400 in every £1,000 of their wealth to the Treasury."
"Against this backdrop, we've been inundated with concerned callers unsure how to proceed - and frustrated that a large chunk of what is their private wealth is in effect earmarked by the state for public money down the line, having already paid taxes over their working lifetimes."
London families face a narrowing window to reduce inheritance tax exposure ahead of major IHT reforms. The government will restrict agricultural and property reliefs from 6 April next year and extend IHT to unspent pension pots from April 2027. HMRC data shows 5,100 London estates with £1,530m in IHT liability. Estates above the £650,000 threshold risk losing up to 40% of wealth to IHT. IHT liabilities are expected to rise, making early planning essential for business owners, farmers and pension savers. Transfers of trading shares or placing farms into trusts require valuations and action before the new tax year.
Read at London Business News | Londonlovesbusiness.com
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