The Government announced in the budget yesterday that the tax-free nil-rate band for IHT, which currently stands at £325,000 (£650,000 for married couples & civil partners), will be frozen until 2017/18. This supersedes their announcement in the Autumn Statement last year that increased the level to £329,000 in 2015/16.
In addition the Chancellor announced plans to further stamp down on IHT avoidance schemes. HMRC will change the existing treatment of liabilities, setting new rules on when deductions would be allowable or restricting the deduction altogether so as to avoid any possible tax advantage. This measure is in support of the government’s anti-avoidance strategy.
© Pavilion Row 2022. Pavilion Row is authorised and regulated by The Council for Licensed Conveyancers. It is registered under number 3354 under the provisions of the Legal Services Act 2007. Pavilion Row Limited is registered in England and Wales, Company No. 7211297 Registered Address, Renishaw Business Park, 40 Ravenshorn Way, Renishaw, Sheffield, S21 3WY. All Advisers are STEP qualified. Click to read our website