Public ignorance of inheritance tax thresholds ‘concerning’

Top wealth managers have stated that the ignorance among the general public about the frozen thresholds for inheritance tax is ‘concerning’.

Those thresholds have been frozen at the same level until 2030/2031 at the earliest. This, coupled with the decision to make pensions liable for inheritance tax, is pulling more people into the tax orbit. However, senior wealth managers are stating that many people are not really aware of this and so are failing to make financial plans.

One of those to make this point is Amit Joshi. He works for Mattioli Woods as its Managing Director of Wealth. He said a lot of bereaved families only discover they are liable for inheritance tax at the last minute. He added that this leaves no room for mitigation, so they are usually forced to pay in full.

The best way to prevent this from happening is to have all assets managed by professionals. In most cases, this means financial advisors and Wills and Probate solicitors in North Wales.

Speaking to Today’s Wills and Probate, Joshi went on to say:

“Regularly reviewing Wills and estate plans, and seeking professional financial advice, is no longer optional. It’s essential to protect family outcomes, preserve control, and ensure hard-earned wealth goes where it was intended, not where it happens to land.”

This point was underlined by the most recent receipts for inheritance tax. The period between April and August saw a year-on-year rise of £0.1 billion.

If you want help with Probate or wealth management, give Bennett Smith Solicitors a call today.