Labour politician Roy Jenkins in 1986 described Inheritance Tax, as “broadly speaking a voluntary levy paid by those who distrust their Heirs more than they dislike the Inland Revenue.”
Perhaps with the introduction of The Residential Nil Rate Band with effect from 6 April 2017 then for some the burden of inheritance tax will reduce as it will exempt from tax family homes of up to £1 million. The relief is only available on a transfer to direct descendants, and will be reduced or no relief may be available if the value of the deceased estate exceeds certain limits. The new Residential Nil Rate Band will be phased in gradually between 6 April 2017 and 6 April 2020.
Unfortunately for most Inheritance Tax is still not voluntary but with careful planning can be significantly reduced. Please contact us should you require further advice.