Pre-Budget Report Changes Inheritance Tax
The Chancellor of the Exchequer, Alistair Darling, presented his first Pre-Budget Report to the House of Commons on 9th October 2007
The new Chancellor announced a number of tax changes, including making it very easy for married couples and civil partners to use both inheritance tax thresholds. This is not however an increase in the threshold as claimed.
Legislation will be introduced to allow a claim to be made to transfer any unused IHT nil rate band on a person’s death to the estate of their surviving spouse or civil partner who dies on or after 9th October 2007.
Many married couples already have Wills in place, leaving the nil rate band on discretionary trust for the benefit of their spouse and family, or straight forward gifts to family to achieve a similar effect.
This announcement may affect you if you have made tax planning gifts in your Will. It is recommended you seek legal advice to check if your Will needs updating.
At King Prior MacDonald Bridge we offer a Will Review service whereby if once your Wills are reviewed no changes are necessary, you are not charged for the appointment. A fee is only charged if you require either a new Will or Codicil at our current fixed fee rates.
If you have any questions about inheritance tax, please call our wills & Probate Solicitor on 01474 325678, who is happy to answer any questions you have.
Please Note: The contents of this website are for information only and do not constitute legal advice to be relied upon. Professional advice should always be sought for specific issues