Estate planning is the big opportunity of 2023
- On January 18, 2023
- By GrowthInvest Marketing
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.
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. 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. The value of estates has skyrocketed, with one in 42 homes now worth more than £1 million.
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