Practice group news

Contested legacy case 'could create problems for the third sector'
10 March 2010

Inheritance tax 'effectively abolished' under Tory plans
9 March 2010

New partner announced at B P Collins
1 March 2010

Changes to the rate of income tax from 6 April for trusts
25 February 2010

Man 'fails in bid to contest mother's will'
22 February 2010

RSPCA ordered to pay legal bill over will dispute
18 February 2010

Poor inheritance tax planning 'loses Britons billions'

11 May 2009



Britons are losing billions of pounds as a result of poor inheritance tax planning, according to new research from unbiased.co.uk. The amount of wasted payments has risen by a total of 16 per cent, equating to around £2.2 billion.

David Elms, Chief Executive of the website, explained that the statistics show a lack of planning on the part of the deceased. "This can prove an additional unwelcome stress for the deceased's family at an already difficult time, since this tax must be paid before the estate is released and any inheritance can be passed on."

The figures suggest that this trend is likely to continue, with many of the country's properties valued above the inheritance tax threshold of £325,000. In the 2009/10 tax year, anything above this limit will be charged at a rate of 40 per cent. Of those questioned, 81 per cent said they have not taken any steps in the last 23 months to lessen their tax burden.

William Chalk, associate in the private client team comments: "There are simple measures that can be taken to ensure that assets pass on tax free"

If you require legal advice, for either your private affairs or organisation, please call Buckinghamshire based B P Collins Solicitors on 01753 889995, complete the online enquiry form or email enquiries@bpcollins.co.uk.

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