Latest IHT statistics
There was a good article by Merryn Somerset Webb in the weekend FT pointing out the advantages in making a will and the risks of intestacy; and also some interesting comments on digital assets and new tech-based services in the field of looking after those assets and dealing with what happens to them on death. Cheerful!
She drew attention to the latest statistics on inheritance tax. In 2016/17 28,100 estates paid the tax which was 15% more than the previous year. The proportion of estates liable for the tax is also increasing – up from 2.6% in 2009 to 4.6% in 2016/17. The average payment was £179,000.
One point that Merryn did not cover in her article was the potential to use the power of varying a will within 2 years of death to eliminate or reduce inheritance tax. At Probaters we not only offer efficient estate administration, we also work with executors creatively to help them get the best outcome.