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Rising house prices make Inheritance Tax planning a necessity

27th September 2013 Print

With over 20,000 families losing £3.1 billion in Inheritance Tax (IHT) in 2012/13, Chartered IFA - The Private Office – has written a free guide offering 10 steps to help mitigate or even eliminate your Inheritance Tax bill.

Inheritance Tax is an issue faced by people UK-wide. However, with the average detached house price currently standing at £270,000 and Rightmove, last week, predicting that house pricing may be set to increase by 6%, many will find themselves dangerously close to the nil-rate band and/or liable to IHT based on the retail market value of their home alone.

During the last housing boom the largest ever amount, of £3.8 billion was paid to the taxman, much of which might have been avoided with effective IHT planning.

With house prices on the rise once again, and with the nil-rate band set to remain frozen at £325,000 until 2019, the need for IHT planning is becoming increasingly relevant.

Joseph O’Shea, Partner at The Private Office and Chartered financial planner says “Most people would prefer to see their lifetime wealth and achievement passed onto their families instead of the tax man. The good news is that with forward thinking, careful planning and seeking good financial advice, it’s possible to mitigate IHT and make a substantial difference to the amount you pass on”.

This guide focuses on providing clear, technical advice. It considers the generic basics of good financial practice, such as the importance of having an up-to-date Will, whilst also outlining distinct investment options available to those with IHT liability.  We demonstrate: what’s taxed, and what’s not; the importance of gift exemptions; and features case studies that demonstrate how good financial advice can help you to retain control of your assets whilst also providing exemption from Inheritance tax.

Joseph adds “We are dedicated to finding personalised solutions to help, no matter how complex the situation” .

The Private Office is an award-winning team of Independent, Chartered Financial Planners who offer a wide range of financial services, including Inheritance Tax planning.

For more information, visit