Posted 26 September 2022
There appears to be no changes to inheritance tax in the Mini Budget announced on Friday 23 September 2022.
The existing IHT thresholds and reliefs in force remain unchanged. However, inheritance tax is rather complex and if you wish to obtain advice in connection with your inheritance tax position, or the inheritance tax position of a deceased’s person’s estate you are dealing with, please get in touch with us to speak with one of our experts.
It seems only a matter of time, inevitably, before the inheritance tax threshold changes but of course we do not know if and when that will happen. The starting point for inheritance tax is the nil rate band threshold of £325,000 but advising on inheritance tax can be significantly more complex than simply quoting this figure. Consultations have been proposed in connection with reforming inheritance tax and it will be interesting to see how the inheritance tax rules and reliefs change over time.
This article was written on 26 September 2022 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.
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.