When it comes to considering the writing of Wills in Great Dunmow and other locations in Essex, it is to be noted that since 2009 Inheritance Tax in the UK has been charged at a rate of 40% for an individual on anything above the £325,000 personal exemption threshold (a maximum of £650,000 for a married couple or civil partnership).
Clearly, as with any other form of taxation, people writing their Wills in Great Dunmow and elsewhere in Essex want to minimise the amount that they may have to pay out in tax and, with this in mind, in view of the coming General Election it is pertinent to consider how the main political parties planned to deal with this issue.
(a) The Conservatives have pledged to increase the Inheritance Tax threshold to one million.
(b) Labour do not plan to increase current Inheritance Tax thresholds.
(c) UKIP plan to scrap Inheritance Tax altogether.
(d) The Liberal Democrats do not plan to increase current Inheritance Tax thresholds.
Arguably abolishing Inheritance Tax altogether makes the most sense since it will make the issue of Estate Planning for people living in locations including Great Dunmow significantly easier for clients whilst also reducing the costs involved and giving them peace of mind when it comes to making a will since such a change would mean they would know that only their family and loved ones would benefit in full from their hard earned assets.
Contact Andrew Douglas Wills and Legal Services today via www.andrewdouglaswills.co.uk to see how we could help you to get your affairs in order to protect both yours and your loved ones best interests when it comes to writing Wills in Great Dunmow and other locations throughout Essex.
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