Inheritance Tax Threshold Increase

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A news items appears in the Daily Telegraph whereby a widower who has been given a life interest in the family home by his Deceased Wife is challenging the limited benefits of that bequest on the basis that he was married to his Wife for a number of years. To the shock and horror of his family he has made a claim for family provision to seek a capital sum from his Wife’s Estate. This is a timely reminder that your last will and testament is definitely not necessarily the case. You need to make provision in your will for those that should be reasonably within your consideration at the time of your death. To effectively deny your surviving spouse gives rise to a claim for at least 50% of the Deceased’s Estate. We are not sure why the family are horrified that their father would make such a claim.

We read with some amusement the recommendation of Martin Lewis to say that a very simple way of mitigating Inheritance Tax is to get married! We are not sure that that dramatic step is the better way of mitigating Inheritance Tax. Our Divorce Department would suggest that it can create as much problems as it solves. The adviser goes on to say that once you have married you can give as much money away as you want without giving rise to a liability for Inheritance Tax. That again is wrong. If you do require advice as to mitigating Inheritance Tax, please contact Mrs. Cotton in our Private Client Department on 01803 299131.

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