The Resolution Foundation, an independent think tank established to improve the standard of living of low-to-middle-income families has called on the government to move to a new structure for charging Inheritance Tax. The organisation suggests lower rates for estates worth up to £1.5 million. We take a look at the current rates of Inheritance Tax […]
Charitable legacy analyst Smee & Ford has revealed figures from its annual Legacy Trends report showing that more gifts were left to charities in Wills in England and Wales in 2022 than ever before. Out of 231,582 estates that were processed where a Will had been made, 36,992 estates left a gift to charity. Smee […]
In a recent inheritance claim case, a disabled adult won £195,000 from his late mother’s estate after being left out of her Will. The estate’s executor and beneficiary subsequently lost an appeal, with the appeal court upholding the original decision. Under the Inheritance (Provision for Family and Dependants) Act 1975, certain individuals are entitled to […]
Research carried out by Barclays Wealth has found that nearly a third of millennials would prefer that their parents spend money on their retirement rather than saving it to pass down by way of inheritance. The study found that 32% of older millennials would rather that cash was spent on a comfortable life in retirement […]
The chancellor’s autumn statement confirmed that the current Inheritance Tax threshold will be frozen until at least April 2028. This follows a previous announcement freezing it until April 2026. The two-year extension to the lower limit means that more families will be required to pay Inheritance Tax as more estates exceed the nil rate band […]
A new study carried out by Tower Street Finance has found that the value of estates likely to be left has fallen and 10% of those questioned believe they will not be able to leave anything to their loved ones. The research also found that with living costs rising, a substantial number of people are […]
Figures released by HM Revenue & Customs have revealed that the number of deceased estates valued at more than £1 million has risen by over one-third in five years. In 2013-14, there were 8,340 estates worth over a million, while in 2018-19 the number stood at 11,210. This rise is likely to have been fuelled […]