Following the announcements in the Budget a review of your inheritance tax position is perhaps even more important than ever.
Inheritance tax rules have remained static for a number of years and indeed it was confirmed in the budget that the nil rate band will remain frozen at £325,000 until 2030.
There were however some big changes announced that will impact on business owners, farmers and those with traditional IHT friendly investments (such as AIM share portfolios).
The changes to IHT on inherited pensions that will come in from April 2027 may also mean that a review of current tax planning strategies should be reviewed.
The potential to make lifetime gifts and the use of trusts remain powerful IHT planning tools but it is important to consider the full tax implications before taking any action. The detail behind the headline announcements will require careful consideration together with the implication of other taxes.
We would also recommend that your Wills are reviewed to ensure they are still tax efficient following the latest announcements.
If you would like to arrange a meeting to discuss your Inheritance tax position please do not hesitate to
contact us.