Research reveals Inheritance Tax hotspots across the UK
New research has revealed that the affluent area surrounding Guildford in Surrey has the highest proportion of people paying Inheritance Tax (IHT).
The study showed that 658 estates were subject to the tax in the town in 2015/16, paying on average £231,000 each.
In comparison, Wigan in Greater Manchester saw just 31 estates liable for IHT during the same period.
After Guildford, families living in South West London were the next most likely to pay Inheritance Tax (IHT), primarily as a result of higher property prices.
While the largest average bills for estates came from affluent families living in West London, who on average were liable for an IHT bill of £390,000.
Jane Morgan, Business Manager at Direct Line Insurance, the company behind the research, said: “If you are concerned about the amount of tax that may be payable on your estate when the time comes, you could seek independent advice and investigate transferring money to beneficiaries early as a gift, or placing assets into trust to reduce your liabilities.”
Link: Inheritance Tax Hotspots