All change for Inheritance Tax reliefs?
You will no doubt have read in the farming press and national press, that the Government is starting a review of the system and reliefs for Inheritance Tax (IHT). They are saying that this is because the current system is too complex, but it is widely thought this is a smoke screen for making changes to increase the tax taken, from Inheritance Tax in particular.
The Office of Tax Simplification (OTS) has issued a further consultation document asking for views from the industry. With our significant agricultural and business client base, this is an important document. Rest assured that we will be working with our Tax Advisory colleagues in making a full and robust response on behalf of our clients.
Of course we can’t see into the future and predict the outcome of this review, but is it time for you to review your succession plans? With the ability to pass on most business and land assets now and enjoy the benefits of the current regime, we would recommend that you at least consider the consequences and speak with your advisor at Larking Gowen. In most cases it can’t get any better than it is now – 100% relief – so it may be time to take some positive action.
For more information on how we can help, please speak to your usual Larking Gowen contact.
Call 0330 024 0888 or email email@example.com
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