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Dawn Oliver, Partner in the Private Client Department at leading Worcestershire-based law firm Harrison Clark LLP is warning the public not to sit on their laurels when it comes to Inheritance Tax Planning following the promises made by the Chancellor in his Pre-Budget Speech.

Dawn believes that setting up a nil rate band Discretionary Will Trust is still the best way to maximise tax allowances.

She states,

“To rely on this new provision set out by the Chancellor in his speech will see some couples who die many years apart paying more IHT on the second death because they did not set aside the nil rate band on the first death and invest it away from the surviving spouse’s estate.

“For example, when the first spouse dies the nil rate band is fixed at say £300K. If all the estate is passed on to the surviving spouse and doubles in value, then the value of the first spouse’s nil rate band which can be transferred to the equation when the second spouse dies, remains at £300K plus index linking.

“If the money had been transferred into a nil rate band trust and invested away from the surviving spouse’s estate it is still possible for it to grow tax free, thereby saving a tax charge of 40% on the growth over and above increases in the nil rate band announced by the Government each year. This could be significant in today’s housing market.

“Whatever your circumstances, it is advisable to take professional legal and financial advice before taking action.”

For further information on this press release please contact Dawn Oliver at Harrison Clark on 01905 612001 or e-mail doliver@harrison-clark.co.uk

Alternatively you can speak to Angela Baker at Marketing IQ Ltd on Tel: 01905 359475 or e-mail angela.baker@marketing-iq.co.uk

This press release was distributed by ResponseSource Press Release Wire on behalf of Harrison Clark in the following categories: Men's Interest, Women's Interest & Beauty, Personal Finance, Business & Finance, Public Sector, Third Sector & Legal, for more information visit http://pressreleasewire.responsesource.com/about.