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09/11/2009
Inheritance tax planning 'still issue for many' |
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Many people still need to make extra plans to avoid having large parts of their estates swallowed up by inheritance tax upon their death, it has been stated.
AXA Wealth International's chief executive Kevin Dean said some may be fooled by changes to the nil band rate laws in the Finance Act 2008, believing that they will be easily able to transfer their tax relief to someone else when this is not the case.
He pointed out that married couples and civil partners can do this, but not those living together or family members in the same household - meaning that such people need to take extra measures, such as putting money into trusts.
Those wishing to know how to go about this to avoid inheritance tax may wish to speak to family solicitors.
In September, a Daily Mail article noted that the use of trusts can help lower inheritance tax bills.
Written by Laurence Smith
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