It has been announced that the IHT allowances have been frozen until 2026. There has been a great deal of speculation as to whether the IHT threshold would be increasing, as it typically has done over the years, or decreasing, in view of the ongoing pandemic. For now, at least, it appears that for the next few years there appears to be no imminent plans for the IHT threshold to change – though this is not absolutely guaranteed. The Budget in March 2021 has not introduced any shocks in terms of the law relating to IHT.
If you would like advice relating to your inheritance tax position in view of your circumstances, please get in touch with us and arrange a telephone appointment with one of our Private Client solicitors.
This article was written on 4 March 2021 and the law may change following this date.
Every case, of course, depends on its own circumstances so always take legal advice from a trusted professional about your own set of circumstances.
Richard Tinkler is a Partner based at the Helliwell House office in Wroxham.
Capron & Helliwell offer a fixed fee first appointment for family law matters - for details or to book an appointment please contact Dawn Pennell on 01692 581231.
This article aims to supply general information but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek specific advice.