Rachel Reeves set to raise £billions by focussing on inheritance tax reforms

Written By Morgan Andrews

We may see the following:

  • The current 7 years rule being extended to 10 and maybe the sliding scale being completely abolished or significantly adjusted.

  • The abolishment of business and agricultural relief, threatening the future success of many businesses and families involved in the essential farming community.

  • Abolishing the benefits given on shares held in the Alternative Investment Market (AIM) which could trigger its complete collapse as an entity which is designed to help UK businesses raise essential capital.

  • Scrapping the Residential Nil Rate Band allowance reducing the ability for married couples with property and children to leave their estates up to £1 million to their children inheritance tax free – the figure would drop to £650,000 costing such families an extra £140,000 in inheritance tax.

  • The abolishment of pension pots to be able to be left inheritance tax free should someone die under the age of 75

We will wait with bated breath for Wednesday October 30th and will of course evaluate the impacts of whatever reforms are introduced so that we can advise you on how to change your estate planning to maximise efficiency going forward.

Morgan Andrews
Previous

Do you have a timeshare in Spain?
Next

Hope for terminally ill patients to be granted the right for assisted dying