Recent analysis from the organisation, Remember a Charity, and the law firm, Smee & Ford, has revealed that more and more people are deciding to name a charity in their will.
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A thinktank has proposed that inheritance tax should be scrapped after finding that opposition to the levy from across the political spectrum means it is simply “too toxic” to save.
The suggestions come from the Fabian Society said that the evidence they had collected following the General Election suggested that many voters, regardless of political allegiance were equally opposed to inheritance tax. Research shows that many of those questioned believed that such a tax was unfair and instead called for the current rules to be replaced by the levying of income tax on gifts and bequests.
General secretary of the Fabian Society, Andrew Harrop said that the results of an across the board opposition to inheritance tax were surprising. He said: “The public see the value of the tax system, and they want it to be fairer, simpler and more progressive.
“But some taxes are now beyond the pale, even for people who are supportive of progressive measures. Inheritance tax is seen as unfair and insensitive even by left-leaning voters, and has become too toxic to save.”
Harrop also added that he believed that levying income tax on those receiving inheritances would be a good alternative to inheritance tax. Currently under Government reforms pensions can be inherited but those benefiting have to pay income tax.
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A landmark case this year saw Heather Ilott awarded a third of her mother’s inheritance despite being excluded from her will. Challenging an inheritance or a will has become exceptionally common in recent years with the number of challenges reaching the High Court rising by 80% in the last year.
Last year 178 cases went to the High Court, matching a high seen in 2007, with property prices cited as one of the main reasons for challenges to wills. However, there are other factors that are responsible for challenging wills, such as family feuds or fallouts. Despite the increase in the number of challenges, there are many steps you can take to try and limit a challenge to your will.
A woman who was left out of her mother’s will has been awarded £164,000 after she took the case to the Court of Appeal in what many are deeming a landmark case.
Heather Ilott took legal action after she was left out of her mother’s will who left her £486,000 estate to a number of animal charities rather than her only daughter. Melita Jackson who died in 2004 had little connection to these charities but did not leave a penny to her only daughter after they had fallen out when Mrs Ilott had eloped at the age of 17.
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Recent research by Unbiased.co.uk has revealed that UK taxpayers will waste nearly £1.3 billion this year due to poor inheritance tax (IHT) planning. This tax wastage is only set to increase further in the future after the chancellor announced in 2010 that the threshold would remain frozen for four years at £325,000 rather than rising in line with inflation.
Recent research has shown that over a third of parents are reluctant to leave an inheritance to their married children because they don't want their child's spouse to benefit from the gift in the event that the couple divorce.