31/10/2024
The Autumn budget has landed and the Inheritance Tax (IHT) changes could impact your estate and succession planning.
To summarise the key points:
๐ฆ๐๐ฎ๐ฟ๐๐ถ๐ป๐ด ๐๐ฝ๐ฟ๐ถ๐น ๐ฒ, ๐ฎ๐ฌ๐ฎ๐ฒ:
โข Pensions and IHT: From April 2027, unspent pension pots will be included in IHT calculations.
โข Nil Rate Bands: Frozen until 2030 at ยฃ325,000 and ยฃ175,000, which may increase IHT liability for more families due to asset growth.
โข Agricultural and Business Property Reliefs: Limited to 100% on the first ยฃ1 million of qualifying assets, then reduced to 50%.
๐ก Plan Ahead: It is more important than ever to reassess your estate plans, including considerations around pension contributions, the timing of asset transfers and your wider estate planning.
Get in touch with our office to discuss your estate planning with one of our solicitors.