UK Money News
24th December 2007
Inheritance tax planners 'should start early'
People who are looking to organise their estate after their death should start early to make sure all is in order, it has been claimed.
According to personal finance institution Brunning Newman Houghton, a fundamental shift in the way that people are approaching inheritance tax revolves around planning as early as possible.
David Brunning, director of the money advice company, states: "If [people] are going to take inheritance tax planning seriously they need to be looking at making gifts using as much of the allowance as they can every seven years."
He added that those wishing to avoid the 40 per cent tax levy should realise that a significant sum can be removed from the estate in the form of discounted gift trusts provided the action is taken over an extended period.
The money news is backed by information from HM Revenue and Customs which states that the majority of estates will not be liable for inheritance tax as they will fall within the nil rate band.
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