Photo by Usman Yousaf on Unsplash
Back in 1799, something terrible happened.
Well, terrible in some people’s eyes.
That was the year that Income Tax came into being.
It was supposed to be a temporary measure.
Prime Minister William Pitt the Younger needed money to fund the Napoleonic Wars.
To be fair to Mr Pitt, the tax was later repealed.
However, it was too valuable for the then Board of Taxes to forget about.
And so, they brought it back.
Since then, they and their thoughtful successors have added to the tax burden of the UK’s loyal subjects.
As evidence, I highlight just some of their work.
- VAT
- Income Tax
- National Insurance
- Corporation Tax
- Capital Gains Tax
- Motor Vehicle Tax
- Stamp Duty
- Air Passenger Duty
- Petroleum Revenue Tax
- Alcohol Duties
Missing from the list is a big one for many people: Inheritance Tax.
Did you know that the UK has the fourth-highest inheritance tax rate in the world?
That assessment is from the conservative think tank, the Tax Foundation.
Given all the taxes you’ve paid during your life, it would be a shame for your family to receive an unexpected inheritance tax bill.
Especially when, with some thoughtful estate planning, you can reduce or avoid unnecessary tax.
If that sounds good to you, send an email to [email protected]
We can arrange a call or visit to discuss your plans.
Graham