Subject to any budget changes the Inheritance Tax nil-rate band is set to increase from £275,000 to £285,000 after the budget.

This still fails woefully to keep up with property prices, so that many families face considerable charges to inheritance tax on death. Couples should ensure that their wills are tax efficient, whilst everyone should consider if and how they could make tax efficient arrangements whilst they are still alive.

The Government has been looking very closely at some of these schemes, the recently introduced but retrospective pre-owned asset charge is beginning to claim its first victims. However, there are still things which can be done to reduce tax and the detrimental effect of schemes implemented since 1986.

For further information contact Irene Chenery (Partner) Specialist in Conveyancing, Wills and Probate

Back to News..