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NewsWills should be planned to minimise IHT, writer says
Wills should be planned to minimise IHT, writer says
Posted by Mark Cunningham
A writer has recommended that individuals plan their wills in order to minimise their inheritance tax (IHT) burden.
In an article for the Aberdeen Press and Journal, Adeline Christy pointed out that by being strategic when putting together such legal documents, consumers can reduce the amount of money they hand over to the state.
Meanwhile, other methods in which this can be achieved include family limited partnerships and trust planning, she noted.
At present, the threshold at which IHT kicks in is £325,000 and, according to Ms Christy, many people think this is too low.
While the Conservative Party had planned to raise this level to £1 million before the general election took place last month, its lack of an outright parliamentary majority caused it to rethink its ideas.
In order to enter into a coalition with the Liberal Democrats - who opposed reform of this kind - it shelved the pledge.
28/06/2010 16:07
News category: Family