For people living in and around London, a recent freedom of information request showing inheritance tax hotspots demonstrates how many need to take action.
A fact to add to this is HMRC has also raked in inheritance tax of over £2.8 billion during the first six months of the 2018/19 tax year, which is why now is a good time to talk tax planning.
Guildford not so far away from ourselves in Staines is where revenue and customs have the most inheritance tax cases, but the top 10 is completely dominated by areas in and around the capital. Bristol is the only place outside the South East to make the list.
It is South West London that takes the prize as the highest paying area, which saw 655 estates with an average liability of £346,565 pay out £227 million to HMRC in 2015/16.
It is hard evidence showing many people in Staines and nearby need to protect the assets they have worked a lifetime for.
Further taxation is something that it is greatly upsetting for people who have paid large amounts to the government all their working lives, with the monies being taken away from their families, which can be life-changing for some.
Whilst a lot of people are aware of their potential inheritance tax liability, there are many who have blissfully been unaware as the South East’s property boom of the past generation, which has made them asset rich.
For the generation who have benefitted from perhaps buying homes back in the 70s or 80s, which were then affordable to people from most backgrounds, it is sensible to now seek advice on their own individual circumstances.
Regardless of the ongoing issues surrounding Brexit, London and the South East will, almost certainly, continue to be sought after and safe places to invest.
The plain truth is estate planning in Staines, is a matter of huge importance to many people, but as often is the case it is seldom on the urgent to do list.
Wills, estates, trusts and tax planning is something which can give loved ones great peace of mind and starting the process is simple.
If you feel inheritance tax planning is something you are in need of please contact us at Dale and Newbery. It’s simple to do.