Anthony Collins Solicitors
UK:
Inheritance Tax Rates Frozen
29 March 2010
Anthony Collins Solicitors
To print this article, all you need is to be registered or login on Mondaq.com.
The 2010 budget, announced by Alistair Darling yesterday, has
frozen the 'nil rate band' for inheritance tax at the
preset threshold of £325,000 for the next four years. This
means that the value of any estate on death exceeding
£325,00, subject to any applicable exemptions or increases,
will be taxed at 40%.
With the hope that property prices and the economy generally
will return to strong recovery and growth over the coming months
and years, this news may mean that more estates are liable to pay
inheritance tax, reducing the funds people can pass to their chosen
beneficiaries.
Although death and taxes may be certainties of life, there are
steps that can be taken to ensure that you, your estate and your
beneficiaries do not have to pay more inheritance tax than
necessary through appropriate lifetime tax and estate planning
advice and Wills.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Tax from UK
Tax – A Shake-Up Looms
Herbert Smith Freehills
Few developments in the tax world have an impact on a truly global scale, but the so-called 'Pillar Two' rules – essentially a global minimum corporate tax – is one of them.
Tax Relief On Debt For Companies
Lubbock Fine
When financing your business operations through borrowing, one of the main considerations will be whether the interest cost is deductible, and to what extent if it is. In the UK...
UK Tax Round Up
Proskauer Rose LLP
Welcome to March's edition of our UK Tax Round Up. This month has seen a number of interesting cases covering a range of issues, from the deductibility of costs against employment income...
Foreign Capital Loss Election For Non-Doms
Lubbock Fine
The complex rules for capital gains tax relief for non-domiciled individuals (non-doms) aren't new, although significant proposed changes have been announced to the non-dom regime in the March 2024 Budget...