A new analysis carried out by the Office for Budget Responsibility (OBR) this week has estimated that Inheritance Tax (IHT) receipts are likely to soar to a new record high for the 2018/19 tax year.
Important life events such as getting married, moving house or having children are being overlooked by many British families, who are failing to keep their Wills regularly updated to reflect changes in their circumstances, it has been warned.
Chancellor Philip Hammond is facing fresh calls to consider Inheritance Tax (IHT) reforms ahead of the Autumn Budget on Monday 29 October.
A new study suggests that more than half (56 per cent) of UK parents do not have a Will. This means that in the event of an unexpected death, their children could potentially be left without legal guardianship.
New data published by the Office of the Public Guardian in recent days reveals that the number of people submitting Lasting Power of Attorney (LPA) applications rose by two per cent year-on-year between April and June 2018.