Inheritance tax planning - Wendy Walton

With more and more people falling into the inheritance tax trap, careful planning is needed to keep the taxman at bay. This book explains the pitfalls and shows the escape routes. Inheritance tax (IHT) has been described as a 'voluntary' tax, but without careful planning it is unlikely to be so. More and more ordinary people are being caught by a tax that many still think applies only to the very wealthy - but this is no longer true. IHT currently applies to all estates over 255,000, and the recent increase in property VALUES means that many more people now face the shock of massive tax bills on top of the emotional trauma of losing a parent. Three years ago, the Inland Revenue collected 2.2 billion in IHT, and the figure is rising steadily. All too often, the family home may have to be sold to pay the tax. Inheritance Tax Planning explains the pitfalls, and spells out how to avoid them, from the simple necessity of making a will to the more complex use of trusts and gifts made before death. With the help of this invaluable and expert guide to the subject, it should be possible to minimise exposure to tax, and to make sure you pass on as much as possible of your hard-earned wealth - including your flat or house - to your heirs.