Rising number of millionaires in the UK - joy for the taxman or your family?

Rising number of millionaires in the UK - joy for the taxman or your family?

Rising number of millionaires in the UK – joy for the taxman or your family?

by | Inheritance

UK financial company NFU Mutual has estimated that there will be 500,000 millionaires in the UK by the end of 2016. With the Inheritance Tax threshold frozen at £325,000 per individual until 2021, the need to think about death taxes is becoming much more common as we grow more wealthy.

Much of this wealth is connected to the ever inflating value of UK property. To help mitigate this the new IHT tax-free allowance for family homes begins in April 2017. Starting at £100,000 it will rise to £175,000 in 2020. It should be possible for a married couple to leave up to £1 million free of IHT by that time.

With the creation of more millionaires, the tax man will obviously benefit. But it doesn’t have to be at the expense of your loved ones. Even for those of us striving to make our first million, a little forward planning will keep the taxman at bay. Start with your will and estate planning today.

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"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid...

Moray Iles, Vietnam

2018-06-05T08:42:23+00:00

Moray Iles, Vietnam

"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid putting pressure or hassle to complete the Will quickly which allowed us to consider everything in our own time. Best of all, Cindy's professional support and thorough and clear explanation of the laws pertaining to our situation were very helpful. We would look forward to working with Cindy again on documents personal to our family."
"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK...

Jenny Pearson, Consultant, Cambodia

2018-06-05T07:59:04+00:00

Jenny Pearson, Consultant, Cambodia

"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK tax specialist) to keep my English and Cambodian assets completely separate. Cindy was able to work through all of that with me and I am confident that I now have everything properly covered."
"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and...

Jayne Hilton, Engineer, UK

2018-06-05T08:30:28+00:00

Jayne Hilton, Engineer, UK

"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and was always on hand to offer guidance and support. All in all an excellent service."
"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a...

Jim Swander, CEO, Cambodia

2018-06-05T08:37:50+00:00

Jim Swander, CEO, Cambodia

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a project we all can easily put off, it removed an area of stress in my life. I no longer had to wonder if certain people would be taken care of, or where my money would go. Cindy and I worked through the process and she asked a lot of thought provoking questions. The first draft helped me think a second layer down, and made the will more complete. We finalised with her lawyer, signed, witnessed and put away in a safe place, letting my executor know exactly where to find it. I do not hesitate to recommend Cindy’s services."
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