Posts tagged “IHT”

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No changes in the Spring Budget for IHT

Posted on 25th March 2024

The Spring Budget announced to the uK parliament didn't include amendments to IHT

There were a lot of rumours ahead of the Spring Budget on 6th March about changes to inheritance tax (IHT).

Action was expected to make sure policy was clear ahead of the General Election later this year.

However, nothing was mentioned, leaving the government’s position unspecified despite other tax changes such as National Insurance Contributions (NICs). There were also changes to Child Benefit and VAT registration.

Inheritance tax affects more families as property values rise

Posted on 20th December 2023

the price of a family home is increasing, adding to inheritance tax paid by many families.

Since the 2009/10 tax year government receipts from Inheritance Tax (IHT) have increased, reaching over £7billion in 2022/23. By 2027/28 the figure could reach £8.4billion.

These dramatic increases are largely due to rising property values and the continued freeze on inheritance tax thresholds. This means more estates than ever exceed £325,000 when 40% IHT comes in to effect.

How to reduce Inheritance Tax: Regular financial support for your children

Posted on 13th November 2023

You can give gifts to family members out of your excess income.

You can make regular payments to your children out of your income which can help reduce Inheritance Tax (IHT).

Councils can claw back care fees

Posted on 26th June 2023

Did you know that your local council can claw back money it provides for your care fees?

It can do this if it believes you gave away assets to avoid paying the full cost of your care.

If you need residential care your council could claw back the cost - older couple looking out of a windows

Will the government cut inheritance tax?

Posted on 27th April 2023

It has been reported the government is considering a cut in Inheritance Tax (IHT) before the general election.

Figures from HM Revenue & Customs (HMRC) show that government income from IHT was approaching £1billion higher in February than in the same period last year.

Money and property are subject to inheritance tax.