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IHT: Inheritance Tax
- Inheritance Tax (IHT) in its current format was introduced in 1986, although in the UK the first recorded tax on a deceased person’s estate can be traced as far back as 1894.
- According to the professional advice website unbiased.co.uk, more than £2.7 billion of inheritance tax was collected by HM Revenue & Customs in 2011. This is a staggeringly high amount, especially considering that IHT is one of the few taxes that people can legally avoid paying. Remember, every pound paid in IHT means a reduced estate for the deceased’s loved ones.
- IHT might originally have been intended to help redistribute wealth from the rich back to the state, but now the Nil Rate Band threshold, which affects who pays IHT, seems a little on the low side. According to the Land Registry of England and Wales, the average house price in the UK is £226,000, but in Greater London that average swells to more than £400,000. So, it’s easy to see how a large number of people will find the value of their estate extending beyond the Nil Rate Band threshold simply because their home has increased in value in recent years.
Why invest in an ITS through WealthMe?
- WealthMe is one of the leading Inheritance Tax solutions broker and provider of independent research.
- Market leading discountsOur market position means that we are able to offer our clients some of the best discounts available on charges, making it cheaper to invest with us than going direct or via an Independent Financial Adviser (IFA).
- Our objective is to offer you the most competitive rate so if you find a better deal elsewhere, then please let us know and we will try to match it.