Number of people seeking help with Inheritance Tax expected to rise
The number of UK families and individuals seeking out Inheritance Tax (IHT) advice will rise sharply over the next three years, a new study has predicted.
The findings, which follow a survey of UK professional services firms carried out by Time Investments, come shortly after HM Revenue & Customs (HMRC) revealed a record IHT take for the 2017/18 financial year.
Last week, the Revenue reported that IHT receipts hit a record £5.2 billion last year.
The figures have sparked concerns among experts that the number of UK families being “caught in the IHT” net is on the rise.
Due to this, three in four professional services firms believe that there will be a sharp rise in the number of Britons seeking IHT advice over the next few years, as families move to mitigate their IHT liability.
However, at the same time, 88 per cent are concerned that unregulated or inexperienced advisers will attempt to ‘cash in’ on this demand, by trying to lure consumers in with low-cost services which might not be appropriate for their needs, or could result in complications later down the line.
In light of this, Britons are being urged to tread carefully when it comes to Wills and IHT planning and to always seek the advice of a specialist solicitor who is able to provide them with a tailored, regulated service.
Last month, a report in The Times shed light on the issue of a number of people who had been duped by ‘cheap’ Will-writing services offered by high street banks in the 1990s and 2000s.
While these services appeared attractive and affordable at first glance, families found that “sneaky” clauses in the small print of contracts led to them being hit with costly hidden fees later down the line.