Why is Inheritance Tax Planning Essential?

Effective inheritance tax planning can save thousands of pounds for your family. Consider the example of an individual having estate worth £500,000. According to the law, there is no tax on £325,000 and the remaining £175,000 is subject to a 40% tax. Calculating on these values, the beneficiaries of the individual has to pay approximately £70,000 in taxes. Paying such a huge amount as tax is a setback for even an affluent family.
According to the government, inheritance tax is levied to eliminate the economic gap in the society. In the absence of proper inheritance tax laws, the rich will become richer and the poor will have no recourse to wealthy living. However, adversaries of this tax consider it as an example of bad governance. To this end, the government has provided some exemptions from the inheritance tax.

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Effective inheritance tax planning can save thousands of pounds for your family. Consider the example of an individual having estate worth £500,000. According to the law, there is no tax on £325,000 and the remaining £175,000 is subject to a 40% tax. Calculating on these values, the beneficiaries of the individual has to pay approximately £70,000 in taxes. Paying such a huge amount as tax is a setback for even an affluent family.
According to the government, inheritance tax is levied to eliminate the economic gap in the society. In the
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According to the government, inheritance tax is levied to eliminate the economic gap in the society. In the absence of proper inheritance tax laws, the rich will become richer and the poor will have no recourse to wealthy living. However, adversaries of this tax consider it as an example of bad governance. To this end, the government has provided some exemptions from the inheritance tax.

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