It is disputed whether the late former chancellor Denis Healey actually ever said ‘I want to tax the rich until the pips squeak’ but what is not in doubt is that in her first budget Rachel Reeves flagged up Labour’s direction of travel to be back towards old fashioned tax and spend policies.
The current 100% business property relief (BPR) has been halved above £1m. This means some shares held on death that hitherto required only a probate valuation will now fall into charge together with some lifetime gifts where the donor does not survive seven years. As a consequence Shares and Assets Valuation (SAV) will oversee increased inheritance tax revenues flowing to the exchequer.
In this new climate it is important to ensure that any valuation which could come under scrutiny for IHT is in a format best designed to achieve credibility with SAV. Too many fiscal share...
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