Your children even your grandchildren may have to pay tax on money that you’ve already paid tax on, the tax is called generational inheritance tax. It’s a crafty Inland Revenue scheme that allows the tax man to tax your money for generation after generation.
If you and your partner have traditional mirror Wills, then your money is under threat. The first to die leaves everything to the other before passing absolutely to your children. Inheritance tax is may now be due, and your children must pay it. Whilst you might not agree with a 40% tax you may accept that it’s just the way it is and move on that’s life!
Well assuming your children make similar wills leaving everything to their kids absolutely, your grandchildren will also end up paying tax on the same assets.
The tax man repeatedly pockets your family’s money as the inheritance is passed down the family through this stealth tax, you have every right to feel angry and confused.
It can also be prevented though, setting up a simple trust in conjunction with a Will can ensure the Tax man only get one bite at your children’s inheritance.
Make sure you maximise your family’s inheritance and stop the Inland Revenue taking your money. Complete our contact form below and put a stop to your family paying generational inheritance tax.