Posts tagged “Wills”

The House of Lords has concerns about changes to Inheritance Tax.
Personal representatives (PRs) are responsible for managing your estate when you die. However, changes to inheritance tax (IHT) will create more responsibilities and liabilities for them. The House of Lords is concerned about the impact of IHT on unused pension pots, farms and small businesses. 
 
For family members and close friends acting as PRs, IHT changes could add significant stress during their time of bereavement. 
Investigations have identified estates which have underpaid inheritance tax (IHT). As a result, HM Revenue & Customs (HMRC) has reclaimed £millions of payments. 
 
The process includes obtaining information from government bodies and other agencies including the Land Registry and the Trust Registration Service. Discrepancies in information from different sources will help to identify underpayments. 
Increasing prices for family homes mean more estates will pay inheritance tax.