Tax changes 'should be followed by those writing a will'

The importance of writing a will that minimises inheritance tax liability has been highlighted by warnings that the UK's current system may be made less liberal.
 
Peter Legg, head of IHT Planning Matters, has told City Wire that the Office of Tax Simplification (OTS) is reviewing both business premises relief and capital gains transfers.
 
He has highlighted the fact that the OTS has announced that it will be examining business property relief and suggested that succession planning must be considered by business owners.
 
Mr Legg warned that the watchdog has shown itself willing to consider cutting even the 'sacred cow' of tax planning, making it particularly important to follow any developments.
 
"The regime at the moment is very liberal. So we may be looking back and thinking 'we should have been very much more proactive with inheritance tax planning'," he warned.
 
Last month, director of philanthropy at the Society of Trust and Estate Practitioners Keith Johnston advised people to use a professional when making a will as this will minimise the risk that it will be disputed by the testator's relatives or the tax authorities.

Published by Tessa Jones