UK households advised to keep 14 years' worth of financial records for inheritance tax purposes.
UK households are warned to keep 14 years' worth of financial records to ease the process for executors handling inheritance tax. The expert advised that keeping track of gifts made up to 14 years before death is crucial, as they can be exempt or subject to a 40% tax, potentially impacting the family's inheritance. This simple measure can help ensure a smoother transfer of wealth to beneficiaries.
July 16, 2024
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