‘Sin Tax’ Revenue Set To Outstrip Inheritance & Stamp Duty.
The front page of The Daily Telegraph today claims that an analysis of Treasury projections shows that revenue collected by the Government through Inheritance Tax and Stamp Duty Land Tax will exceed that collected through taxes on alcohol and cigarettes by the end of 2016.
That gap, if no action is taken to reform the tax system, is estimated to widen further by the end of 2019, with Government projections suggesting £27.2 billion will be raised through Inheritance Tax and Stamp Duty Land Tax, compared to £23.7 billion through the so-called ‘sin taxes’.
Under current rules couples can leave £650,000 tax free, however, it is crucial that advice is sought on preparing a Will and a thorough financial assessment undertaken with the aim of minimising your family’s exposure to Inheritance Tax.
For more information on how Stone Rowe Brewer LLP can help you, please call Pauline Lawson on 020 8891 6141, or email email@example.com.