As Inheritance Tax (IHT) interest rates continue to increase, Personal Representatives face additional financial burden when settling a deceased person’s estate. The increased interest rates have been described as a stealth tax, substituting a rise in IHT rates.

In a recent report from HM Revenue and Customs (HMRC), it was shown that the amount of income generated from Inheritance Tax (IHT) decreased to £5.2 billion last year, which is a decrease of £223 million or 4%. This was the first decrease in a decade. The last decrease was seen in 2009/2010 when estate values took a hit following the global recession. Since then, the amount of tax paid rose annually at a steady rate of an average of 3% or £4,200 per estate.

Government proposals unveiled this week could result in a hundredfold increase in probate fees for some families, reports The Financial Times. The Ministry of Justice (MoJ) has published its plans to reduce the £1.1bn annual cost of running the court system by introducing a revised probate fees structure in England and Wales.

A recent article by The Telegraph has detailed the emotional stress that dealing with the death of a loved one can cause, including the anxiety of having to deal with the taxman when it comes to Inheritance Tax (IHT).

Ordinary individuals inheriting assets from overseas could risk criminal charges if they miscalculate the tax owed, reports The Telegraph.

The new leader of the Labour party, Jeremy Corbyn, has called for significant changes to be made to Inheritance Tax (IHT) laws, arguing that regulations should be graded to make the process fairer.

“If I am an executor to my father’s estate, and the shares have fallen 18pc since his death, will I have to pay inheritance on the value at his death, even though I will be selling them for far less?”

The subject of inheritance has been in the news a fair bit recently, with some parents choosing to spend their savings rather than pass them down to their children or grandchildren. With 35% of Britons relying on an inheritance to provide them with a stable financial future, and 20% stating that they require an inheritance to retire comfortably, there is the potential for an increasing number of complications and disputes to arise.

The way in which we ‘consume’ services has changed considerably in the last decade or so. Many retail experts confidently argue that our expectations of service providers are now at an all-time high, with customers demanding access to a wide range of professionally delivered services every time they make a purchase. Does this theory apply to helping bereaved families as well?