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Inheritance Tax

Inheritance Tax Update 2025

Inheritance Tax (IHT) can apply to certain lifetime transfers/gifts and also on the value of an individual’s estate at the time of death. The IHT nil rate band is £325,000, with an additional £175,000 ‘residence nil rate band’ available in some cases for leaving the family home to direct descendants. For any value remaining after […]

Read more December 10th, 2025

Farmers Campaigning For Agricultural Property Rethink

The announcement in the Autumn Budget about restrictions to inheritance tax (IHT) agricultural and business property relief from April 2026 has upset farming businesses in particular, resulting in a demonstration in London on 19th November. From 6 April 2026, it is proposed that 100% relief will only apply to the first £1 million of combined […]

Read more December 4th, 2024

Should You Pass On Wealth Now To Avoid Inheritance Tax?

Many wealthy individuals are apparently passing on substantial amounts of their wealth in anticipation of possible changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. This allegedly includes a number of high-profile individuals such as TV presenter Anne Robinson who confirmed that she had passed on £50 million to her children and […]

Read more September 6th, 2024

Changes To Non-Domiciled Tax Status To Go Ahead

The previous government included plans to end non-domiciled tax status at the Spring Budget and replace it with a 4-year foreign income and gains (FIG) regime. The new government have now announced their intention to continue with these plans, while ending some advantages for existing non-domiciled individuals. What the change in tax status will mean […]

Read more August 12th, 2024

Inheritance Tax Planning

Many were expecting an announcement from the Chancellor in the Autumn Statement about cuts to, or the possible abolition of, inheritance tax (IHT). Maybe he is saving that for his Spring Budget, but in the meantime, it may be worth utilising the £3,000 gifts annual exemption for 2023/24 and, if available, the unused amount from […]

Read more February 9th, 2024

Rumour That Inheritance Tax May Be Abolished

In the weeks before any Budget or Autumn Statement there are always leaks and rumours. Normally, in the run up to a General Election, there are also tax giveaways in an attempt to re-elect the incumbent political party. One rumour that has been circulating in the press concerns the possible abolition of inheritance tax (IHT). […]

Read more October 5th, 2023

Income Tax On Inherited Pension Funds

Currently, where an individual pension holder dies before age 75, drawdown pensions paid to a successor can generally be received free from income tax. Where the pension holder dies over the age of 75, then the amounts drawn by the successor are taxed at their marginal income tax rate. Note also that the current tax […]

Read more September 6th, 2023

Rumours Of Abolition Of Inheritance Tax

There are rumours circulating in the press of the possible abolition of inheritance tax (IHT) in a bid by the Government to secure the support of wavering Conservative voters. This may cause some individuals to delay IHT planning, but remember these are just rumours, and it may not actually happen. It should be noted that […]

Read more August 9th, 2023

Trust Planning Opportunities

Despite rumours that the tax planning strategy would be closed in the Budget, the Capital Gains Tax (CGT) hold over relief when assets are transferred into or out of a trust is still available. This relief currently enables a non-business asset, such as an investment property, to be transferred without paying CGT. The relief applies […]

Read more December 8th, 2021

No Change To Christmas Gift Tax

Many were expecting the chancellor to announce changes to Inheritance Tax (IHT) in his Autumn Budget. However, like Capital Gains Tax (CGT), the rules have remained broadly the same as last year. That means that each tax year individuals may make gifts of up to £3,000 in total and that amount is not included in […]

Read more December 6th, 2021

Possible Changes To Capital Taxes

The Office of Tax Simplification (OTS) has been asked by the Treasury to review both Inheritance Tax (IHT) and Capital Gains Tax (CGT) recently which again suggests there could be changes to those taxes that may require pre-emptive planning action. Will CGT rates go up? The OTS report highlighted the mismatch between CGT and income […]

Read more February 10th, 2021

Time To Review Your Will?

Top of the to do list for many individuals is to make or update their will. Many think this is something to leave until later in life but it is important to get things in place once a property is acquired or when children come along. In the absence of a will, there are statutory […]

Read more January 13th, 2021

Yet Another Chancellor – Big Changes In The Budget?

The last Budget was nearly 18 months ago and since then, we have had three different chancellors after the unexpected resignation of Sajid Javid. The early years of a new Parliament are usually a good time to make radical changes and many are predicting significant tax changes on March 11. Rather than increasing headline tax […]

Read more March 2nd, 2020

Will Inheritance Tax Be Simplified

An announcement to listen out for in the Spring 2020 Budget is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax (IHT). As reported in a previous article, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 […]

Read more February 10th, 2020

Passing On The Family Home

The Labour party were proposing to reverse the recent Tory party inheritance tax cuts if elected. They were referring to the additional nil rate band for passing on the family home. This additional relief should be taken into consideration when drafting your Will. We can work with your solicitor to make sure that your Will […]

Read more January 9th, 2020