Nearly 5000 families received fines for paying Inheritance Tax late – how you can avoid getting caught out
4,865 executors were fined for paying their Inheritance Tax bills late in the year ending 31 March 2024 – a rise of 12% on the year to March 2023, and 41% on the year before. Why are families facing fines on their Inheritance Tax bills? An increasing number of families administering estates are facing fines […]
Inheritance Act claims – and how to avoid them
The Inheritance Act allows individuals who were related to, or financially dependent, on the person who has died to seek a greater share of the estate than they were left in the deceased’s Will or allowed under the intestacy rules. This typically includes children and grandchildren who relied on the deceased family member for financial […]
21% rise in Executors of Wills being sued in the High Court – 87 cases in past year, but that could be the tip of the iceberg
The number of Executors of Wills being sued in the High Court has jumped 21% in the past year, with 87 cases in 2023, up from 72 cases in 2022. These claims over ‘breaches of fiduciary duty’ centre around an Executor, who is responsible for dealing with the entire estate administration of a Will, failing […]
Number of disputes over inheritance has risen by 40% in the last four years
The number of court disputes over inheritance in the UK has increased by 40% over the past four years, with 9,625 applications to challenge a Will submitted in 2022/23 (year-end 31 March).
Over £2bn in cash gifts given to reduce Inheritance Tax – a 40% increase in the last five years
Cash gifts for Inheritance Tax planning have risen 40% in five years, reaching £2.1 billion in 2020/21, as families seek to mitigate IHT burdens.
Understanding death in service cover and its role in reducing Inheritance Tax
Death in service insurance is a type of life insurance that is offered by some employers as an employee benefit. Also known as group life assurance, death in service insurance pays out a tax-free sum of money to an employee’s chosen beneficiaries if he or she passes away while employed by the company. It can […]