IHT changes expected in pre-Budget
Chancellor set to introduce measures which restrict inheritance tax planning
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
1 in 5 homes will be above IHT threshold
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleNationwide acquires Virgin Money for £2.9 billion, becoming the UK's second-largest mortgage lender and significantly altering the financial sector's ...
View articleThe Bank of England maintains the interest rate at 5.25%, reflecting optimism for economic recovery and potential future rate cuts, amidst signs of ea...
View articleUK wage growth cools, sparking debate within the Bank of England. Will a slowdown be enough to tame inflation and avoid interest rate hikes? Household...
View articleWorking parents can save on Easter childcare with the Tax-Free Childcare scheme. Read More...
View articleUK's accounting watchdog, the FRC, eyes a move out of London's financial center by year-end. Canary Wharf or Stratford are potential new hubs, reflect...
View articleSmall businesses within the UK will be allowed to take out loans up to £50k, with all loans guaranteed at the same interest rate Read More...
View articleAmidst cancelled exams and revoked internships, there are concerns that the accountants of the future are being left behind Read More...
View articleData security experts warn accountants that phishing and hacking schemes are on the rise, putting firms at risk of GDPR fines and data breaches Read M...
View article