The government announced in last year's Budget that new, more generous Inheritance Tax (IHT) rules will be introduced in April 2017. Campaigners, however, believe this is too long, saying that government should either implement the changes sooner or offer compensation.
The current rules state that estates worth up to £325,000 can be passed on without paying IHT, with a rate of 40% payable above the threshold. From April 2017 an additional tax-free allowance will be introduced, enabling home-owners to bequeath an extra £100,000 to their families.
Whilst we can’t change the government’s implementation schedule, we can assist with both medium and longer-term financial planning to ensure that you, your family, and ultimately future generations of your family, will benefit from your wealth, in accordance with your wishes.
Our Beavis Morgan specialists also offer specific expertise on many aspects of landed estates and their associated rural businesses such as capital taxes planning, including mitigating exposure to inheritance tax and capital gains tax on chattels and land.