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Is a major overhaul of Inheritance Tax (IHT) on its way?

09.08.2019

Private Client

In January 2018, Philip Hammond asked the Office of Tax Simplification to make IHT fairer and easier to understand.
 
Recommendations have now been published and the following will be consulted and debated
amongst Treasury ministers.
 
It has been proposed to
The most eye-catching proposal is in relation to Capital Gains Tax (CGT). It has been suggested that where a relief (i.e. BPR or APR) or an exemption (i.e. spousal exemption) applies on death, the recipient will acquire the asset at its historic cost, not its value on death. If enacted, this would mean that if the asset were subsequently sold, CGT would be payable.
 
These are only recommendations; our current IHT and CGT legislation hasn’t changed yet. If some of the above proposals are enacted, they will be at a cost to the taxpayer.
 
The Office of Budget Responsibility predicts that IHT will raise in excess of £5bn this financial year (more than double the amount collected 10 years ago). There’s nothing more certain than death and taxes; it makes sense to know exactly how IHT will affect you and your loved ones in the future.
 
Call Katie or Sarah on 01223 810100 for friendly help and advice.

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