New Inheritance Tax Break: Will You Qualify?
The news has been full of the new Inheritance Tax changes introduced in
April 2017. Billed as a £1,000,000
allowance, the new changes are not as simple as that.
From April, an
additional £100,000 (and rising until 2021) Inheritance Tax allowance is available on death, but this will only relate to property passing to direct descendants. If your spouse/civil partner dies before you and does not use their allowance, then you can use it in addition to yours. The good news is that direct descendants includes step children and adopted children. It does not include nephews and nieces though, so leaving property to them has no tax advantages.
Careful Will drafting can ensure that all of the potential tax breaks are secured for an Estate. Gone are the days when a Will could simply refl ect someone’s wishes as to who should receive what. Likewise lifetime giving, whilst still enabling tax savings, is now more technical and should be undertaken with the benefi t of expert professional advice.
The new allowance is welcome, but it is a tax planning minefi eld and great care should be taken to ensure maximum advantage.
As if that is not enough, we now also have to contend with the proposed increase in probate fees – from the present £155 to as much as £20,000! Yet another aspect to be taken into consideration, but very much part of the same conversation.
A member of the expert private client team at Trethowans would be pleased to help you. To arrange an initial discussion at our Poole offi ce, please call 01202 673 071 or visit
www.trethowans.com.
WORDWHEEL
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TARGET Excellent: 33 or more words Good: 27 words Fair: 24 words
N 18
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T R To advertise, please contact 01202 657317 or email
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