Download the RAG Report for January 2025 to get an overview of the real impact of the 2024 Autumn Budget IHT announcements. This report highlights key insights and potential areas of concern, offering a clear picture of the financial landscape.

Moore member firm Johnston Carmichael explores key challenges and opportunities for family businesses in 2025, from tax changes to digital transformation and sustainability.

Moore member firm Johnston Carmichael has strengthened its Newcastle team with the appointment of Chris Hodgson, a highly experienced Private Client Tax Director with over 37 years of expertise in tax advisory and planning.

Moore member firm Kingston Smith explores how Labour’s first Budget introduced significant changes to the inheritance tax (IHT) regime. These reforms are set to have a wide-ranging impact on many families and business owners, reshaping how wealth is transferred and requiring careful consideration of tax planning strategies moving forward.

Following the announcements in the Budget a review of your inheritance tax position is perhaps even more important than ever.
 

In the first Labour Budget since 2010, Chancellor Rachel Reeves promised to “fix the foundations and deliver change”, announcing tax rises worth £40bn. Here's our roundup of the key highlights. 
 

Partner Silvia Vitiello is joined by Tax Partner Guy Sterling and Senior Financial Advisor Rob Edwards to explore key strategies for protecting and managing wealth within family businesses.

The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or grandchildren.

The Inheritance Tax residence nil rate band  (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. 

The Inheritance Tax residence nil rate band  (RNRB) is a proportion of an estate on which tax is payable at a rate of zero percent for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. 

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023.

HMRC has released an updated version of the Inheritance Tax account form (IHT400). This is the main form used as part of the probate or confirmation process where there is Inheritance Tax due or if the deceased's estate does not qualify as an 'excepted estate'. Box 2 on the IHT400 calculation form has been updated.

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold.

Key highlights from the Chancellor's Autumn Statement. 

Following the death of a loved one, legal battles and family disputes can arise over the divisions of estates and personal possessions. These can be costly and emotional for those involved but are preventable.
 

Inheritance tax, or IHT as it is commonly known, is generally payable on everything that is of value in your estate when you die (after your IHT threshold and subject to some exemptions). 

The present rate of Inheritance Tax (IHT) that is payable by your executors on your taxable estate is 40%.

With the new tax year now upon us, any allowances that you used up in full during 2018/19 have been reset and you can now begin using them again.  
 

With the new tax year now upon us, any allowances that you used up in full during 2018/19 have been reset and you can now begin using them again.  
 

With the new tax year now upon us, any allowances that you used up in full during 2018/19 have been reset and you can now begin using them again.  
 

On the face of it, this sounds implausible. How can you change your will if you have died?

In reality, as long as any beneficiaries left worse off after any change, agree, you can change a person’s will after their death.

2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.

2019 is set to be a year of changes for finances, with everything from council tax, state pension payments and inheritance tax set to change. Find out about the changes below and how your finances could be affected.

The Office of Tax Simplification (OTS) has already highlighted inheritance tax (IHT) as an area ripe for an overhaul and now the Chancellor, Philip Hammond, has asked the body to conduct a system-wide review of the current tax regime, and wants to see proposals for simplification, ‘to ensure that the system is fit for purpose and makes the experience of those who interact with it as smooth as possible’.

The Office of Tax Simplification (OTS) has already highlighted inheritance tax (IHT) as an area ripe for an overhaul and now the Chancellor, Philip Hammond, has asked the body to conduct a system-wide review of the current tax regime, and wants to see proposals for simplification, ‘to ensure that the system is fit for purpose and makes the experience of those who interact with it as smooth as possible’.