New figures released by the Land Registry reveal that house prices rises have reached Staffordshire, increasing by nearly 5 per cent in the county last year.
While this may be good news for those selling, according to Shelly Wainwright of Ansons Solicitors “it could also have the effect of increasing your liability for inheritance tax.”
The latest figures from HM Revenue & Customs show that ‘death duty’ takings had risen to a six-year high last year, pulling in £3.4 billion, up from £3.1 billion in the previous 12 months.
Inheritance tax is payable on assets you own over the value of £325,000 at the time of death or £650,000 for married couples. David Cameron may have hinted that the inheritance tax threshold could rise to £1million in the future, but he also said it would take “some time” before the change would be effective. Meanwhile a rising property market means that more and more families will be caught.
Shelly Wainwright, a member of the wills and probate team at Ansons Solicitors in Lichfield recently qualified as a member of the Society of Estate and Trust Practitioners (STEP). As an accredited STEP member, Shelly is recognised as an expert in delivering advice in wills, trust and estate practice, as well as the law regarding inheritance tax planning. Shelly advises that:
“There are a number of steps you can take to reduce your inheritance tax bill and also protect your home from being lost to care home fees.”
If you need advice on making a will, setting up a trust, or planning for your later years, please contact Shelly Wainwright at Ansons Solicitors on 01543 267 984 or email firstname.lastname@example.org.