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…
If you are registered and logged in to the site, click on the link below to read the rest of the Goodman Derrick briefing. If not, please register or sign in with your details below.
Click on the link above to download the briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Goodman Derrick
Briefings from Goodman Derrick
Court clarifies the purpose of a counter-notice and considers the scope of the statutory duty.
Tower Hamlets found to have asserted ’rights of dominion’.
Analysis from The Lawyer
Active financial management is vital, but with firms looking more closely at the process of debt and fee collection, the personal touch still counts
The lure of the law can kick in at any stage of life. We speak to four individuals who have made a radical switch to a legal career