Inheritance Tax the Voluntary Tax
HM Treasury predicts inheritance tax receipts will total £5.3 billion in 2017/2018. By 2022/2023 it expects the figure to rise to £6.5 billion.*
Many peoples estates end up paying Inheritance Tax unnecessarily. That's not to say when the estate is calculated you can choose not to pay the tax. There are many reliefs that are available to people where you can reduce or often remove all together the burden of Inheritance Tax.
However, planning needs to be done in advance. A Will is often a good place to start. You need to review your Will to ensure that as much pre-planning is done.
Therefore, yes in many cases Inheritance Tax is voluntary, you can choose to reduce or not play the bill by pre planning.
Expert advice is often needed in such a complex area to ensure full reliefs are being used. We have had many years experience in this field and would be happy to discuss how we may assist you. Call us to day on 01473 487611 to discuss further.
* HM Treasury Autumn Budget 2017.