As widely expected significant changes to inheritance tax were announced in the Budget. In many cases these changes will increase tax liabilities and bring more taxpayers into the scope of this tax.
What hasn’t changed
The chancellor announced an extension to the freeze in thresholds meaning that both the nil rate band and residence nil rate band will remain at their current levels of £325 000 and £175 000 respectively until at least 5 April 2030.
There were also no changes to the potentially exempt transfer rules the rules covering relief for heritage property or for gifts being made as part of normal expenditure out of surplus income.
What has changed
Significant changes were announced to agricultural property relief (APR) and business property relief (BPR) as well as to the IHT treatment of unused pension funds and death benefits. This is in...
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