Inheritance tax explained: How does it work and who is affected?—Spear’s
Partner Julie Man has been quoted in an article from Spear’s which explains inheritance tax (IHT), with a particular focus on high net worth individuals (HNWs). The article explores the new Government's IHT policy, how IHT works for non-domiciled individuals in the UK (‘non-doms’) and how the UK's tax policy compares with those of OECD countries such as Belgium, the US, Denmark, Australia, Canada and Norway. Julie highlights the ever-increasing rise of IHT receipts and the need for HNWs to engage with advisers on estate and succession planning.
With even the youngest baby boomers now hitting their sixties and seventies, the great transfer of wealth we’ve seen in recent years is only set to continue and intensify. Many older and wealthier individuals are increasingly focused on making lifetime gifts to the next generation and otherwise passing on assets earlier in the hope of mitigating the IHT payable on their deaths.
The full article is available to read online from Spear's.
Julie Man is a partner in the private client team. She advises on the full spectrum of private client matters including complex wills, estate planning, succession planning for business owners, domicile and cross-border issues for international clients, trusts and the administration of estates.
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