Inheritance tax – proposals for change
Inheritance tax is an issue that needs to be considered in all estates regardless of their value. The current inheritance tax rules are long and complex and there have been ongoing debates relating to reform of inheritance tax for many years. Most recently there has been a proposal to change the current seven year rule to five years for gifts. This would mean that gifts made 7 years before the owner died would not be subject to inheritance tax.
Read further on the current reform proposals reported in the Law Society Gazette here:
Inheritance tax needs to be considered during your lifetime and in particular when making your Will. As the rules around inheritance tax are constantly changing it is important to keep your affairs up to date. Here at Pinkney Grunwells our Private Client department offer professional and comprehensive advice on inheritance tax and estate planning. If you would like any further information please contact us at your nearest Pinkney Grunwells office.