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20/08/2009
No surprise in IHT change, says expert |
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It is not surprising that the government has altered its rules on inheritance tax (IHT) to charge more interest on late payments, it has been argued
Commenting on news that the Treasury has brought in the change, director of financial advice firm Calculis Alex Pegley said: "This is just a way to increase the state tax take a little bit really and is a nice easy way of doing it and shouldn't ruffle any feathers."
He suggested that the impact of the development will be "small" but helpful to the government as it seeks to fill holes in public finances.
Those keen to avoid too much inheritance tax being paid when they die may wish to see a lawyer experienced in will drafting to find ways that they can move the money into forms of wealth that are exempt from the charge.
Research published by Norwich Union (now Aviva) in April showed that 33 per cent of people aged over 80 have not made plans for the disposal of their estates.
It also found that 62 per cent have no understanding or only a partial one of what inheritance tax is.
Written by Pauline Adams
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