UK families are being urged to consider the benefits of setting up a deed of variation (DOV), which may be able to help families to resolve difficult Inheritance Tax (IHT) issues after the death of a loved one.
A new study has revealed that almost a third (30 per cent) of UK adults do not fully understand key Inheritance Tax (IHT) terminology, while a similar number are unaware of the rate at which IHT is charged.
A worrying new study published earlier this week has revealed that the vast majority of Britons are leaving important health and welfare decisions ‘entirely to chance’ by failing to seek specialist legal advice.
A number of voluntary sector groups are calling on the Government to tread carefully in its efforts to simplify Inheritance Tax (IHT), amid concerns that any drastic changes could have “potential negative consequences” for legacy giving.
With reports of the royal wedding dominating headlines this week, there is a strong focus on marriage across the press and the media. But experts are reminding Britons that while most people marry for love, tying the knot also enables couples to enjoy a number of significant tax advantages.
In recent days, prominent think tank Resolution has called for a radical new system to replace the UK’s existing Inheritance Tax (IHT) regime, amid concerns that more needs to be done to tackle intergenerational inequality.