Half of UK Inheritance Tax in South

Half of UK Inheritance Tax in South

By Daniel Mould (posted 26.02.2014)

HMRC's latest research has found that families in and around London pay 50 times the inheritance tax paid by those in the rest of the UK. The average inheriatance tax bill reached £166,00 in 2010-2011 with half of the UK's total £2.6bn revenue coming just from London and the South East.

The Office for National Statistics (ONS) recently resported  that people who receive an inheritance were more likely to own their own home outright, to live in a wealthier household, have a management-level job, be self-employed and have a universtity educted father. It was also found that women have a better chance of inheriting than men, although this is likely due to them outliving men.

Property values in London still tend to be much higher than the rest of the UK, where the average amount paid out for an estate that is liable to inheritance tax is £234,000. The South East follows close behind with the second highest tax bill at £174,200. Specilists are expecting the trend to further increase as proerty values contue to grow and the stock market rallies.

More families are going to be hit by tax and professional advice will become increasingly important in ensuring regulatory compliance and minimising tax liability. It is possible to maximise inheritance tax reliefs and exemptions if the estate is worth more than the inheritance tax threshold.

At ATC Solutions, we have extensive experience from working with a client base that consists of entrepreneurs, trust beneficiaries, investors, professionals, and other successful people, who aspire to preserve wealth for future generations. Our proactive advice in areas such as trusts, family limited partnerships, and limited liability companies can save considerable amounts in estate transfer taxes.

Daniel Mould . FCCA CMgr MCMI
Practice Manager

Tel: +44 (0)20 7648 8950
Email: daniel.mould@atcsolutions.com

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