‘Nothing is certain except death and taxes’ It’s one of the oldest and best known quotes from history, courtesy of Benjamin Franklin. Not much we can do about the first part but there is a lot you can do about the second.

Inheritance Tax (IHT) has been much in the news recently. With the 2024 UK General Election campaign currently underway there has been speculation as to what an incoming Labour government, in particular, may do to the current tax regime.

If your estate is likely to be worth in excess of £325,000 (£650,000 for a married couple) your heirs could be liable for 40% IHT on the excess.

Another pertinent, though not quite as famous quote, from Roy Jenkins (Chancellor of the Exchequer 1967-70) is that IHT is, ‘a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue’. A tad cynical perhaps but in a sense the ‘voluntary’ part is true. What Jenkins was getting at was there was then, as there is now, quite a number of actions you can take to pass assets to your intended heirs during your lifetime as well as planning you can undertake to protect your estate on your death.

IHT planning is one of the areas of financial planning we major on at McNeil Stevens Financial Services. If you would like to discuss your family’s position please contact Ken McNeil on 07590 828227 or e.mail ken@mcneilstevens.com.