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ARTICLE · 07 JULY 2020

A Time To Give?

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The turmoil of the Covid-19 crisis has made us all consider our own mortality.

United KingdomTax
Camilla Bishop
Camilla Bishop

Originally published 10 June, 2020.

The turmoil of the Covid-19 crisis has made us all consider our own mortality. There probably isn't one of us who hasn't personally been touched by the crisis in some form or another. No one wants to deal with the issues surrounding the end of a life, yet being organised can ease the burden for those left behind. Making and reviewing Wills, making Lasting Powers of Attorney and simplifying your assets are steps everyone should consider, not just the elderly. 

Covid-19 sets a bleak picture for many young families who are likely to have to shoulder the tax burden that this crisis will inevitably bring. Inheritance Tax is not the tax to solve the nation's debt problem – it accounts for less than 5% of tax revenue. Planning to minimise Inheritance Tax could make an enormous difference to families and relatives left behind with very little impact on HMRC's purse. 

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