Death and Taxes – life’s certainties.
a discussion around the upcoming changes to Inheritance Tax.
In spite of (or perhaps because of)Jeremy Clarkson’s special pleading, Rachel Reeve’s changes to Inheritance tax on farms and business assets are going ahead pretty much as originally proposed. While it’s hard to feel too sorry for the mega-wealthy Mr Clarkson the changes will impact many families of more modest means. Add to this the confirmation that pension assets will now form part of an estate and pretty much all our clients will be impacted to a greater or lesser degree.
In this session we’ll start by reminding ourselves how inheritance tax is calculated, how the exemptions work and how gifts are taxed (or can avoid being taxed). We’ll go on to look in some detail at the proposals for pensions using case studies where we’ll discuss actions we can take to mitigate, avoid or at least lessen the impact.
The good news is that we’ve have a little time before the changes take effect but, as always, it’s better to be prepared well in advance.