After prolonged speculation, the Autumn Budget has indeed delivered some changes to the Inheritance Tax regime which will have a far-reaching impact on many estates. This insight is a more detailed breakdown of our previous post.

The changes to Business and Agricultural Reliefs from Inheritance Tax have certainly grabbed headlines with many farmers anxious about what this means for their family farms. Based on these headlines, it is easy to be swept along with the notion that the changes are all doom and gloom, but here at Tozers, we have taken a moment to pause and consider how the proposed changes might actually play out for our clients in practical terms. Read the latest insight from succession planning expert Naomi Hoare below.

Speculation has been rife about the changes the Chancellor might introduce in the Autumn Budget, and expectations were high for significant adjustments to Inheritance Tax for park owners. The key changes for holiday and residential park owners include the reduction of protection from Inheritance Tax provided by Business Relief and Agricultural Relief, the inclusion of inherited pensions and death benefits payable. Our Head of the Wealth Management Team, Gráinne Staunton provides a summary of the key changes you need to be aware of.

The Autumn Budget on 30th October 2024 outlined a number of key changes to how Inheritance Tax will be calculated including changes on Business Relief and Agricultural Relief, inherited pensions and changes to the non-dom tax regime. Read our summary of the latest changes below.

The government is expected to raise more revenue from Inheritance Tax in the upcoming Budget on 30 October 2024, according to BBC reports. Although the exact changes are still unclear, the prime minister and chancellor are reportedly considering various adjustments to the tax system. These changes could lead to more estates facing higher Inheritance Tax liabilities. 

The OPG’s annual report states that the average actual clearance time for power of attorney (POA) applications in England and Wales is 76 working days compared with the target of 40.

In figures published on Friday, the Revenue confirmed that receipts from Inheritance Tax for the first quarter of this financial year came to a staggering £2.1 billion. This figure is £83 million higher than for the same quarter, April to June, last year and represents a huge increase for the Revenue’s coffers.

The Society of Trust and Estate Practitioners (STEP) has recently reported that, along with most other parliamentary committees, the probate service inquiry conducted by the House of Commons justice select committee was disbanded at the dissolution of Parliament on 30 May 2024.

A recent High Court case has highlighted the need for clarity when leaving gifts to charities in Wills.

As the General Election approaches and polls indicate a strong Labour advantage, there is a lot of speculation about the implications of a new government for the UK, especially in terms of tax policies. If Labour do secure a victory, what is the likelihood of reforms to Inheritance Tax and Capital Gains Tax?

In a recent comment the Institute for Fiscal Studies (IFS), a think-tank, has claimed that eliminating and/or reducing Business and Agricultural Property reliefs, tax reliefs on pension schemes, and Aim share investments would make the tax system fairer, and raise up to £2.7bn in the current tax year. However, commentators have suggested that the IFS’ calculations ignore the potentially perilous wider economic consequences of the decision and practical implications for small businesses and farmers. 

The UK government has claimed that the probate service is now in recovery mode after replacing its senior management team following a series of delays and complaints.