Recent research has shown that thousands of people in the U.K are unaware of changes to inheritance taxation rules.
FOR IMMEDIATE RELEASE / PRURGENT
Recent research has shown that thousands of people in the U.K are unaware of changes to inheritance taxation rules. Estate planning specialists, Trust Inheritance have reacted to this news by inviting those who are unclear to contact them for help and advice on how their range of services can help them to make the most of this new legislation.
Studies commissioned by a leading insurance provider have revealed that as many as 64% of consumers are unaware of the introduction of the new ‘transferable nil rate band’, which allows couples to share their IHT allowances. This is in spite of the fact these allowances were introduced in last year’s pre-budget report.
Most of those interviewed were also unaware of the fact that effective estate planning could help them to reduce their tax liabilities. 83% did not understand the rules surrounding trusts and 88% did not know that they could avoid tax by leaving gifts.
Apparently, younger people are the least ‘clued up’ on the new band with 71% of 35 to 44 year olds declaring that they were unaware of the changes. Older people were generally more aware, however, over half of those aged 55 or over were still oblivious to the changes.
A spokesperson for Trust Inheritance, one of the U.K’s leading providers of estate planning services had this to say:
“Wrting a will and implementing effective estate planning is vitally important to make sure that your estate is distributed in line with your wishes and also to minimise the amount of inheritance tax you pay.”
For further information, visit: http://www.trustinheritance.com or call: 08000 97 80 12.
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