Children are been forced to sell their family homes to pay this tax.
People are unaware that a child can only inherit 225,000 tax free,anything after that is taxed at 33%.
So if a single child is left a house or payment worth 500k,there is 275 left to be taxed at 33%.This leaves a tax bill of over 90k that most people are unaware of.
Best way around this is to take out a life insurance policy called a section 72 plan.
This will leave a lump sum to cover the revenue bill and pays out when the owner, usually a parent is deceased.
People that are due to inherit a house over 225k need to be very careful with this and should take out a life policy to save a big tax bill for when this happens.
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