More NewsIHT changes expected in pre-Budget

IHT changes expected in pre-Budget

Chancellor set to introduce measures which restrict inheritance tax planning

KPMG has warned tax advisors to expect to changes to
inheritance
tax rules
in next month’s Pre Budget Report due to be announced on 6
December.

David Kilshaw, head of
private client advisory
at KPMG
in the UK, said: ‘The chancellor has a track record of introducing
measures which restrict inheritance tax planning options in his Pre Budget
Reports and Budgets. We would not be at all surprised to see similar moves this
time around and would advise anyone seriously considering undertaking any form
of inheritance tax planning to bear this in mind.’

Kilshaw said Brown had given himself a ‘platform for change’ and could
‘increase greatly the reach of inheritance tax while appearing only to make
minor adjustments’.

‘For example, the rate at which trusts are taxed could be revised; now that
most trusts are subject to tax every ten years, the maximum rate could be
increased from 6% to 12%,’ he added.

The Treasury raised £3.3bn from
inheritance tax in 2005/06.

Further reading:

Traveling TV show offers IHT advice

IHT ideas miss the point

1 in 5 homes will be above IHT threshold

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