Shropshire families could be impacted by inheritance tax freeze
A Telford lawyer says hundreds of families in Shropshire could be affected by the freeze on the inheritance tax threshold announced today by the Chancellor.
Jonathan Edwards, an Associate with Telford’s top ranked solicitors FBC Manby Bowdler, said rising inflation and the increase in property prices post-pandemic, meant the freeze was effectively a stealth tax on the hard-earned savings and assets of families in the county.
“Although not an explicit tax hike, in real terms the effect will be more families paying Inheritance Tax. We anticipate a flurry of enquiries about how people can better protect their assets for the next generation such as by using trusts or lifetime and charitable giving.
“Inheritance tax has already been frozen for a number of years and, by not addressing it now, Jeremy Hunt has penalised thousands of UK families who will now have less to pass on to their children and grandchildren unless they act to protect their hard won assets and savings.”
