To tax plan or not to tax plan that is the question!!

You probably need an accountant if you want to venture in the murky world of tax planning in the United Kingdom today. The recent inheritance tax changes accounced by British Chancellor Alistair Darling in his pre-budget report seem to complicate matters more although they do double the inheritance tax threshold to £600,000 from the previous level of £300,000 according to the November 8th edition of Internationalmoneymarketing.co.uk.

To quote "Given the massive rise in the housing market in recent years that means hundreds of thousands of people will be affected and should review the existing terms of their wills with a tax specialist."

The edition says people should seek professional advice but existing solutions such as discounted gift schemes and loan trusts can be still considered.