Inheritance Tax - Spring Budget 2022 - David Allen Accountants

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Inheritance Tax – Spring Budget 2022

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Recent months have seen much speculation around reforms to Inheritance Tax (IHT), in particular an increase in the current IHT rate of 40% and the withdrawal of some valuable reliefs.

However, the Chancellor did not make any changes to current legislation.

•IHT continues to be charged at the rate of 40%.

•The IHT nil-rate band remains frozen at £325,000 through to April 2026.

•The residence nil-rate band remains frozen at £175,000 through to April 2026.

Inheritance Tax is a complex subject, however with careful planning your exposure can be minimised.

If you would like to review your IHT position, please do not hesitate to contact one of our Tax Specialists today.

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