Changes to the new inheritance tax nil-rate band in April 2017 could see hundreds of thousands of people limited on their tax liabilities.
In a recent article published in the Telegraph, our Wills, Trusts and Probate team commented on the new changes on inheritance tax being implemented. The new rules will give an additional inheritance tax allowance on top of the usual £325,000 per person. However, for those who have a Will that incorporates a Discretionary Trust, they may risk losing out on a valuable tax incentive.
Gary Kiely, Partner in our Wills, Trusts and Probate team, estimated that “hundreds of thousands of people could miss out on the expanded allowance unless they dismantle trust arrangements.”
If you think your existing Will may include a Discretionary Trust, or you require an up-to-date, tax efficient Will, please contact one of our Wills, Trusts and Probate solicitors on 020 3814 2020.
If you would like to read more from The Telegraph article, please click here.