The number of people falling into the inheritance tax (IHT) trap is rising record high. Between April 2023 and February 2024, the taxman bagged £6.8 billion from families following the death of a loved one and it is widely expected to exceed the previous record of £7.1bn.
Our money expert Kalpana Fitzpatrick explains what IHT is and how you can cut the bill so that you can pass more of your wealth to loved ones.
What is inheritance tax?
This is tax payable on someone's estate when they die - but how much you pay depends on the total value of the property, money and possessions.
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Denne historien er fra August 2024-utgaven av Style at Home.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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'We wanted an Art Deco Vibe' - Helen took her bathing space from cramped and dated to family-friendly, with a classic retro-inspired look
Inheriting a typical 1930s layout of rectangular bathroom and a separate loo along the corridor wasn't really suitable for us,' says Helen. 'And with a teenager and a younger child, we knew we had to change things quickly after moving into our house in April 2022.
How to Save More Money -Editor of MoneyWeek.com Kalpana Fitzpatrick shares easy tips and tricks for spending less
Editor of MoneyWeek.com Kalpana Fitzpatrick shares easy tips and tricks for spending less. Recent research shows that around a third of consumers are focused on immediate finances and unable to think about future savings.* If you're struggling to save or just not sure where to start, then these tips and tricks will help.
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