The lack of awareness around inheritance tax (IHT) in the UK has increased in the last year, with half (50 per cent) of liable over 45-year-olds admitting to being unaware their main property could be subject to IHT.
Lasting power of attorney (LPA) allows UK citizens to choose someone to act on their behalf in case they are incapacitated – whether it be through illness, an accident, or a lack of mental capacity – but only 14 per cent of people have set it up.
A spike in the amount of inheritance tax (IHT) receipts is being predicted this year as bereaved family members move to complete their paperwork before potential changes to probate fees come into effect.
A Freedom of Information (FoI) request has revealed that hundreds of thousands of Britons who were previously overcharged for Lasting Power of Attorney (LPA) registration fees have not yet claimed the refunds they are entitled to.
Previously-shelved plans to increase probate fees have been ‘resurrected’ by the Government this week, but will have a slightly lesser impact on wealthy estates than was previously expected, it has emerged.