Stamp duty to the 7-year rule: Finance expert reveals FIVE inheritance tax traps and how to avoid them

William Edwards from our Private Client team recently spoke to the Daily Mail for an article looking at how to avoid falling for common inheritance tax traps when inheriting a property.

Giving a property to a loved one is done by many Brits without a second thought, as they look to protect their original investment and ensure that hard-earned money to buy a house does not go to waste.

However, while many people may inherit a house as a means of stepping onto the property ladder, there are a number of common mistakes made when it comes to how inheritance tax works and how you might be charged for inheriting a property.

Here are some of the most common inheritance traps and how you can avoid falling victim of them…

…William Edwards, who works at law firm Edwin Coe, said: ‘It is really important that it is clearly set out in a will who has the burden of paying the tax on a failed gift, because it can get messy when there is more than one beneficiary of an estate….’

Read the full article in the Mail Online.