Inheritance Tax is often referred to as the Double Whammy! It is the continued application of Inheritance Tax on assets which are bequeathed to a Beneficiary and thus increasing their own personal wealth (estate). This may mean that IHT has to be paid again on the inherited assets on death and this will continue through future generations.
Who is affected? Everyone whose Will does not include Trusts, whose assets are passed to Beneficiaries and there are no effective Inheritance Tax planning strategies in place.