Inheritance tax (IHT) has morphed from a straightforward system to a "complex maze of traps for the unwary", a report by Grant Thornton has concluded.
The accountancy and advisory business said IHT needed a complete overhaul as the "nuances" of the tax leave people frightened they will not be able to pass assets to their loved ones. It said there continues to be a high level of confusion about the tax. Its survey of 400 homeowners with properties valued at over £250,000 found 62% believed they would be liable to IHT on death. However, quoting HMRC data, it said just 3% of UK estates were actually subject to IHT in 2010/11. Grant Thornton's report proposed several changes to IHT. A popular proposal among respondents to the s...
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