Estate planning is something too many families put off. But recent events have made inheritance tax and providing for loved ones a priority.

Rising inflation has combined with frozen inheritance tax allowances, impacting families across the UK.

A record £3.5 billion of inheritance tax was paid between April and September 2022.[1]

The nil-rate band has been frozen for more than a decade. This allowance, and the residence nil-rate band, are fixed until at least 2026.

PwC calculate that if the £325,000 nil-rate band had instead risen in line with inflation every year since 2009, it would stand at £478,078.[2] This would have allowed a further £153,078 to be left to loved ones tax free.

Meanwhile, inflation reached a 40-year high in 2022.[3] The value of estates has skyrocketed, with one in 42 homes now worth more than £1 million[4].

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