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Yet again, the pre-Budget rumour mill had us believe that there may have been some changes to the Inheritance Tax (IHT) system, however no changes were announced today.
• IHT continues to be charged at the rate of 40%
• The IHT nil-rate band remains frozen at £325,000
• The residence nil-rate band remains frozen at £175,000
However IHT reform is on the cards
The devil is often in the detail and the Budget documents state that the Government is announcing their intention to move to a residence based IHT regime, instead of the current domicile based system, and will consult on the best way to achieve this in due course.
Domicile is an important concept for IHT, as UK domiciled individuals are subject to IHT on their worldwide assets, whereas non-UK domiciled individuals are only subject to IHT on any assets they own which are situated in the UK. Changing the system to a residence-based system will bring more overseas assets into the scope of IHT.
The Budget documents confirm that no changes to the current IHT regime will take place before 6 April 2025. We will continue to cover these changes once more details have been announced.
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 on 01228 711888.
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