Are you Will-ing to plan for IHT?
Were you aware that Inheritance Tax (IHT) is due at 40% on all estates in excess of £325,000 with spouses having a combined limit of £650,000 before IHT is payable. If not, to make sure you take advantage of the planning opportunities which exist, we have produced this useful briefing to help you consider the impact that a Will (or lack thereof) can have on immediate or future IHT liabilities and how effective Will planning can help to reduce the potential IHT burden. Read our factsheet IHT
So now we’ve heard it – George Osborne’s second Budget speech. So what exactly did the Chancellor say and, more importantly, what did it actually mean?
Budget speeches tend to be fairly uninspiring affairs. However, the background documents are usually more enlightening. To save you having to trawl through hundreds of pages of government and HMRC press releases, our summary of the main changes will quickly bring you up to speed and hopefully be a lighter read. budget 2011 Newsletter
Budget announcements contain many fundamental taxation changes which will affect business and personal lives for the year to come. Written in plain English, we have broken the summary down into the main areas of taxation, including business and corporate, employment, personal and capital. We have also included comments on the more important changes, together with any planning points that may arise.
We hope the summary will provide an invaluable update for you and help you get to grips with the changes. However, despite HMRC’s assurances that ‘tax doesn’t have to be taxing’, recent years have seen a plethora of changes to the tax system. We are here to help you navigate and plan your way through the tax maze so please do get in touch if you have any questions.