More estates are falling into inheritance tax, thanks to rising property values and frozen tax thresholds
A tax expert says Brits are missing out on potentially huge benefits because of mistakes they are making when it comes to inheritance tax. Andy Wood, from Crypto Tax Degens, has spoken about the common mistakes Brits are making with inheritance tax, which he said meant they were losing out on £7.5billion in collective benefits.
Andy said: “The record £7.5 billion in inheritance tax receipts points to a key trend in the taxation landscape, showing the increasing number of families affected by inheritance tax. This growth is largely fueled by several factors, especially the ongoing rise in property prices coupled with fixed tax thresholds.
“As more estates surpass the tax-free allowances, this leads to a marked increase in tax revenues. People need to recognise and adapt to these evolving dynamics in estate planning to manage the inheritance tax situation effectively."Andy said: "Forgetting or not knowing to place life insurance policies into a trust may inadvertently increase the value of an estate, raising potential inheritance tax liabilities.
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