Take steps to avoid IHT

Many more people will face inheritance tax (IHT) bills in the next few years, says the Independent. This is because the threshold above which the tax is paid has been frozen at £325,000 until 2019 and rising property prices usually result in a bigger tax take for the Treasury. Recent figures show the amount of IHT collected rose to £3.1 billion in the year to April 2013. Among the tactics to beat the tax, the Independent mentioned changing the basis of ownership of property from ‘joint tenants’ to ‘tenants in common’, but pointed out that this and other ways of escaping the tax required expert advice.