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With the upcoming budget expected to bring significant changes, Jennie Brown, tax partner at Streets Chartered Accountants, considers what may be on the way.
The October budget is right around the corner. It could bring major changes to a whole range of estate planning taxes, especially Inheritance Tax (IHT) and Capital Gains Tax (CGT). Set down are some thoughts, identifying possible changes that might be on the way and how they might impact on your personal wealth and the financial well-being of your family. If you’re serious about protecting your wealth, it’s time to brace yourself. Here’s what might change:
Inheritance Tax: changes are widely expected
The government could be eyeing cuts to IHT reliefs, which may reshape your estate planning strategies. Here’s where the biggest impacts may lie:
Increasing IHT rates
An easy win for the Chancellor in terms of raising revenue would be to increase the rate of IHT in relation to very substantial estates. A death tax rate of 40% is relatively low. There is no reason why a gradated rate could not be introduced, which imposes softer rates on smaller estates as well as higher rates of tax, up to say 55%, for the
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