Inflation causing unexpected problems for families affected by inheritance tax

By Legal futures Partner Tower Street Finance

In this time of unprecedented financial hardship, rising inflation is causing real problems for families across the UK.

Experts predict that inflation will reach its highest level in 40 years, which contributes to the continued increase in property values. The current estimate is that 1 in 42 homes is worth over £1million.

One of the ways this causes problems for families is the unexpected Inheritance Tax (IHT) bill.

Inheritance tax invoices

With the zero-rate bracket frozen at £325,000 for over a decade now, families may find themselves facing a large inheritance tax bill following the death of a loved one.

David Crooke, Head of Sales at Tower Street Finance, said: “With inflation putting real pressure on the cost of living, people may not have the funds to access the right advice to put their house in order. their business.

“It can also come as a big surprise to people to discover that a property within their family may be worth a lot more than they thought. These two factors create the potential for big IHT bills and a nasty surprise.

“The good news is that we can help people who find themselves with an inheritance tax bill that they cannot afford to pay. Our estate tax loan product can ensure they can pay the IHT bill, without credit checks or personal liability, and move the probate and estate administration process forward.

Tower Street Finance can also help beneficiaries access their inheritance faster through the Inheritance Advance product, should the need arise.

Ask about our estate tax loan or estate advance products or call us at 0343 504 7100.

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