Planning Ahead
In the October 2024 Budget the chancellor Rachel Reeves made several changes to the Inheritance Tax (IHT) regulations, with a view to increasing the tax collected.
With the announcement that the government are continuing the freeze on the IHT Nil Rate Band at £325,000 and the Residential Nil Rate Band at £175,000 until 5th April 2030 it became apparent that more estates could potentially become liable to pay IHT than ever before.