It is being widely reported that the Chancellor may be considering yet more changes to Inheritance Tax in the upcoming autumn budget. The headlines mainly relate to changes to rules about lifetime giving and the time after which such gifts are outside the scope of Inheritance Tax.
One of the risks of speculation like this is that people will potentially rush significant financial decisions and not fully consider all the implications.
Another sad aspect of this perceived pressure of acting before any changes in the budget, is that the more unscrupulous in society may use it as a lever to influence vulnerable people into parting with funds or assets that they cannot afford to give away.
According to the Office for National Statistics, approximately 1.5 million older adults in England experienced some form of financial abuse in 2020. The most recent example in the news is of a son, in his 60s who stole £52,000 from his parents - Wiltshire man jailed after stealing £52k from elderly parents - BBC News
Inheritance Tax planning has to factor in many aspects of a person's life, not just the tax that beneficiaries of their estate will pay in the future. This is a balancing act and a conversation that many people find easier with someone independent, who can help them weigh all of the implications of any planning.
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