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Adults 'not clear on inheritance tax'
23/06/2009
New research has revealed that adults in the UK and Northern Ireland are not sure of rules around inheritance tax issues.
The study by independent financial advice firm Pryce Warner International found that 64 per cent of people do not understand the basic rules and regulations, while 72 per cent of 35 to 45-year-olds do not have plans to make a will in the next few years.
According to the company, the issue has grown in importance recently due to the introduction of a "nil rate" on inheritance tax.
David Harra, a tax and investment planner for the firm, said people confused by the law should consider expert help.
He added: "Professional independent financial advice on life tax planning will ensure that your legacy will maximise potential tax savings and takes advantage of current tax legislation."
Recent figures from Friends Provident revealed that 81 per cent of men in the UK do not have a will drawn up.
Lenore Rice commented "More confusion may have arisen subsequent to important changes implemented by the Government which affects deaths occurring after 9th October 2007 whereupon the nil rate band exemption is increased on the death of a widow, widower or civil partner pro-rata to the percentage amount of the unused nil rate band exemption of the predeceased spouse or civil partner.
For example if a wife or surviving civil partner was left all of the assets of a predeceased husband or civil partner (as all gifts between spouses and civil partners are exempt anyway) the available additional allowance on the death of that wife or surviving civil partner in that situation would be 100% so the nil rate band available on the death of the survivor is uplifted by 100% ie £325,000 x 2 = £650,000."
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The study by independent financial advice firm Pryce Warner International found that 64 per cent of people do not understand the basic rules and regulations, while 72 per cent of 35 to 45-year-olds do not have plans to make a will in the next few years.
According to the company, the issue has grown in importance recently due to the introduction of a "nil rate" on inheritance tax.
David Harra, a tax and investment planner for the firm, said people confused by the law should consider expert help.
He added: "Professional independent financial advice on life tax planning will ensure that your legacy will maximise potential tax savings and takes advantage of current tax legislation."
Recent figures from Friends Provident revealed that 81 per cent of men in the UK do not have a will drawn up.
Lenore Rice commented "More confusion may have arisen subsequent to important changes implemented by the Government which affects deaths occurring after 9th October 2007 whereupon the nil rate band exemption is increased on the death of a widow, widower or civil partner pro-rata to the percentage amount of the unused nil rate band exemption of the predeceased spouse or civil partner.
For example if a wife or surviving civil partner was left all of the assets of a predeceased husband or civil partner (as all gifts between spouses and civil partners are exempt anyway) the available additional allowance on the death of that wife or surviving civil partner in that situation would be 100% so the nil rate band available on the death of the survivor is uplifted by 100% ie £325,000 x 2 = £650,000."
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