Estate planning and inheritance tax: the changes impacting doctors

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By Dr Ed Cantelo

Frozen thresholds and rising property values mean more doctors than ever may be swept into HMRC's net. Here's how to plan ahead.

Inheritance Tax (IHT) has a habit of catching doctors off guard. Many assume it's a problem for the very wealthy, but between a home in an expensive part of the country, a growing non-NHS pension, and years of disciplined saving, a surprising number of medical professionals now find their estate well within HMRC's reach.

With property values climbing and the tax thresholds frozen for years on end, this is a problem that's quietly expanding rather than shrinking.

Don't overlook the basics: get a will

None of this matters if you don't have a valid will.

Without a will, the estate will be distributed under the rigid rules of intestacy, which may bear little resemblance to what the deceased would have wanted. Even if you are at an early stage of your career and haven’t built up much wealth, having a will makes it simpler for whoever has to deal with your estate after death.