Rumours of the abolition of inheritance tax
There are rumours circulating in the press of the possible abolition of inheritance tax (IHT) in a bid by the Government to secure the support of wavering Conservative voters. This may cause some individuals to delay IHT planning, but remember these are just rumours, and it may not actually happen.
In addition to the possible abolition of IHT generally, there have also been rumours of some of the more generous reliefs, business property relief (BPR) and agricultural property relief (APR), being restricted or removed completely. This has caused particular concerns for those in the farming industry who are reliant on these reliefs to be able to pass their farms to the next generation IHT free.
Whilst we will not know if these rumours are true, there has been a definite tightening of the application of both APR and BPR, so it is important to ensure you qualify for the relief if this is something you are relying on for the future.
Please talk to us if you would like to understand you current inheritance tax exposure and any steps you could take to mitigate this.
For further information on inheritance tax, please contact us on 023 8046 1259 or email Gemma Hedges.