Labour has launched multi-pronged raid on the nation's wealth, starting by slapping inheritance tax on people's unspent pension pots when they die.
Ms Reeves also froze the £325,000 IHT nil-rate band to 2030, dragging more into HMRC's net as house prices, share values and pensions rise. She froze the £175,000 main residence allowance, which applies when passing on the family home to direct descendants such as children and grandchildren, and froze IHT gifting allowances to 2030.
Labour is likely to come back for more, so taxpayers need to use the gifting allowances that remain to remove as much of their wealth out of the Treasury's clutches as possible. Or possibly all of it.
Laura Walkley, partner at wealth managers and law firm TWM Solicitors, expects to see a lot more older people make greater use of gifting following the Budget.
She said: "It can help make sure your money is enjoyed by their heirs rather than the taxman." While today's gifting allowances are small, they can add up over the years. So here's what you can do.
USE THE SEVEN-YEAR RULE
Don't want to hand your wealth to HMRC? Giving it to those you love can reduce IHT bills by shrinking the size of your estate.
You can gift cash and shares, household and personal goods such as furniture, jewellery or antiques, or even a house, land or buildings.
Under the seven-year rule, every gift you make will fall out of your estate and become free of IHT provided you live for seven years after making them.
Diese Geschichte stammt aus der November 11, 2024-Ausgabe von Daily Express.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der November 11, 2024-Ausgabe von Daily Express.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
DEVIL IS IN THE DETAILS
STEVE BORTHWICK has been handed the secret of how to shut out tight games by a Springboks team that know how to get the job done.
KEELY KEY TO FUTURE AS £1.2M LOSS MADE
UK ATHLETICS will attempt to cash in on Keely Hodgkinson's rise to superstardom after the governing body confirmed another seven-figure loss in the last financial year.
Couple sue for £36m...over moths
Dream home ravaged by insects’
Elton: My death row meal would be just sweet treats
SIR Elton John has complained of missing forbidden \"chocolate and ice cream\" after ridding his diet of sweet things to slash his blood sugar levels.
I taught Eddie the way of the Jackal...
AN ex-Para surveillance specialist has detailed the spy's tricks he taught Eddie Redmayne for his Day of the Jackal role, including how to use a phone as a weapon.
Kate's carol service will highlight 'how we need each other'
THE Princess of Wales will deliver a poignant message on how much we need each other, especially in our most difficult times, at her annual Christmas carol concert.
Starmer seeks good Trump relationship’
SIR Keir Starmer has said he was not surprised to get on well with Donald Trump despite fears about how the pair will work together.
Gary Lineker pockets £30m of licence fee payers' money
GARY Lineker will have cost licence fee payers more than £30million during his 26-year BBC career, analysis has suggested.
Fears law to jail memoria vandals could be ditched
LABOUR has been urged not to water down plans to jail yobs who climb on war memorials and fine them £1,000.
Streeting to erack down on failing NHS trusts
HOSPITALS will be ranked in league tables and failing managers axed under plans to crack down on poor NHS performance.