Inheritance TaxFigures quoted in the Sunday Times recently suggested that George Osbourne’s failure to address the unfair Inheritance Tax on families across the UK is continuing to have a bigger impact.

Under Labour, the system he himself branded as unfair to the aspirations of ordinary people, caught 34,000 estates at its peak in 2006-07.

Now the Chancellor has the chance to do his own thing but is set to catch 42,000 estates himself in 2016-17.

I personally think the Inheritance tax is one of the most desperately unfair taxes in the book. The problem is that many of us have a real choice during our lifetimes to do enough to be able to avoid having to pay it. As a colleague of mine says, there is no fame in being the richest person in the graveyard.

Casually allowing your beneficiaries to only benefit from 60% of what you would like to leave them is remiss. I know it is difficult because you don’t know what you will need yourself, but making some plans and knowing what you can and can’t afford to give away is a very good start. Financial planning advice and cashflow forecasting can help with that.

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Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on jaskarn@investorprofile.co.uk