The lack of awareness around inheritance tax (IHT) in the UK has increased in the last year, with half (50 per cent) of liable over 45-year-olds admitting to being unaware their main property could be subject to IHT.
Important: UK citizens need to be aware of lasting power of attorney
Lasting power of attorney (LPA) allows UK citizens to choose someone to act on their behalf in case they are incapacitated – whether it be through illness, an accident, or a lack of mental capacity – but only 14 per cent of people have set it up according to the latest research from Direct Line Life Insurance.
Potential probate rule changes could cause inheritance tax rush
A spike in the amount of inheritance tax (IHT) receipts is being predicted this year as bereaved family members move to complete their paperwork before potential changes to probate fees come into effect.
New probate fees were not assessed by the government before being introduced
Although the government has put plans in place to increase probate administering fees, it has been discovered that no assessments have actually been carried out by government officials on how high-value estates will be affected.
Thousands of grieving spouses are unnecessarily paying tax on inherited ISAs
As many as 150,000 married people that die each year are ISA holders, the Tax Incentivised Savings Association (TISA) have said.