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Where there’s a will…there could be tax savings!

Shared from Tax Insider: Where there’s a will…there could be tax savings!
By Moneeza Siddiqui, April 2024

Moneeza Siddiqui looks at how will planning can help to reduce inheritance tax liabilities. 

In April 2023, the National Will Register reported that 42% of adults in the UK had not made any provisions for their estate distribution in the event of death. 

This leads to individuals having no control over how the estate is eventually distributed and increases the likelihood of a high inheritance tax (IHT) charge suffered by the beneficiaries.  

To ensure that inheritance left behind is maximised with a minimum tax charge, a number of planning measures can be considered when a will is drawn up, including those outlined below. 

Exempt beneficiaries 

The primary advantage of a will is that the deceased’s estate is distributed according to the wishes of the individual.  

A popular measure is to leave the entire estate to the

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