Inheritance tax update
The Treasury has announced, contrary to previous Budget statements, that the Nil Rate Band of £325,000 — the current amount of an estate that can be inherited tax free — is to remain the same until 2019 and will not increase in line with inflation. It has been widely reported in the press that more than £1bn is expected to be generated in annual tax revenue that is due to fund care for the elderly. Until now, relatively few estates are required to pay inheritance tax. However, the impact of this decision will mean that by 2019 approximately 5,000 more estates will be caught by it.
Given that this change is more likely to impact a greater number of estates, it is now an important time to consider how best to plan your estate to reduce the effect of an Inheritance Tax liability that
may arise on your death.
The Upper Tier Tribunal recently delivered the important judgment of HM Revenue & Customs v The Personal Representatives of Nicolette Pawson, which denied the entitlement of Business Property Relief, a 100% relief from Inheritance Tax, from the estate of a part-owner of a holiday home…
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