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22 May 2013

More People Seek Help For Inheritance Tax Planning

The number of people who seek professional advice on how to reduce their inheritance tax is on the rise, following the government´s announcement that the threshold - assets of £325,000 or £650,000 for married couples - over which inheritance tax is charged at 40% would be frozen until 2018.

A survey from deVere UК revealed that almost three quarters of those polled were considering inheritance planning. Commenting on the figures, Mitch Hopkinson, head of East Midlands at deVere United Kingdom, stated that the vast majority of clients were concerned by the announcement that the threshold would remain frozen and this is now an issue not just for high-income taxpayers, as it was initially planned, but to a much larger group of clients.

The main reason for this is the fact that property prices in certain areas in the UK, such as London and the south east, are still rising, despite the economic recession and are predicted to continue going up. Rising property prices are expected to result in almost a million more people that will be charged inheritance tax over the next few years.

As inheritance tax is seen as the cruelest tax in the UK, planning for it has become a priority for many people, along with retirement planning, the research showed. However, if people wait for the last moment to look for professional advice, they might find that their options are quite limited, Hopkinson warned.

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