While the changes will make a relatively small (£2bn) contribution to filling the £22bn black hole chancellor Rachel Reeves identified in the public finances, every little helps.
This most unpopular of levies is currently paid at 40 per cent above a threshold of £325,000, which will be kept in place until 2030. Transfers to a spouse are exempt.
Where it gets more complicated is the complex array of reliefs available on assets such as land, business property, certain types of shares, pension savings, and so on. All of these can significantly cut the bills to beneficiaries of sizeable estates. It is these reliefs the chancellor has decided to target, and not without justification.
The amount of IHT paid varies wildly depending on the type of asset being left. Estates with a heavy component of agricultural land or business property currently pay very little. On the other hand, if you have a sizeable stock portfolio, the chancellor will take a big bite out of it (although smart tax planning can cut the bill).
Bu hikaye The Independent dergisinin October 31, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Independent dergisinin October 31, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Is our anti-ageing obsession now totally out of hand?
With women opting for botox injections to keep their hands looking youthful, Ellie Muir examines new beauty standards
Reeves takes an extra £2bn in inheritance tax - for now
Inheritance tax (IHT) is an odd one; many worry about it but only a tiny minority ever end up paying it. After this Budget, the minority will grow and the bills they face will rise.
Manchester United's life is in Amorim's capable hands
The manager made a fading Portuguese side into champions. Lawrence Ostlere pinpoints the tactics that may save United
Did the Women's Equality Party achieve its ambition?
Leaders of the Women's Equality Party (WEP) propose to wind up their organisation. A statement issued by its executive committee, endorsed by co-founders Sandi Toksvig and Catherine Mayer, declares: \"The truth is, despite themphenomenal efforts of our team, tireless activists and brilliant members, we can no longer see a way to make this work. Everybody is struggling, particularly women.
New breast cancer therapy drug 'doubles survival time
A new drug therapy for aggressive advanced breast cancer could potentially double the amount of time patients live without the disease progressing, a trial has found.
Northern Rail reveals it is still communicating via fax
A Northern Rail official has admitted the operator still uses fax machines to communicate with its train crews in an excruciating exchange about the state of its services.
Abortion clinic protest ban watered down, activists say
Campaigners have hit out at the decision not to automatically ban silent prayer outside abortion clinics when new buffer zones are implemented today. Under the new measures, it will now be illegal to influence, harass or provoke those using or delivering abortion services within a 150-metre radius of the abortion provider. Those who infringe the new rules can be hit with an unlimited fine.
First UK case of potentially deadly mpox strain detected
The first UK case of a potentially deadly strain of the has been detected in London.
Key figures from day when long-held records tumbled
The first Budget by a Labour chancellor in 14 years, and the first to be delivered by a woman, also signalled some major historical milestones for tax and spending.
Sunak showed his anger in his last stand as Tory leader
The Budget reply was Rishi Sunak's last big gig in the House of Commons despite Keir Starmer's joke during Prime Minister's Questions that the Conservatives change leader so often, \"he may be back here\" soon. In those exchanges, Starmer and Sunak were all courtesy and best behaviour. Starmer paid tribute to his defeated opponent’s “decency”; Sunak was softly spoken and bipartisan.
