Now, however, families could be hit hard if they've gifted children cash or assets in the past seven years. 📰A recent article from @thetimes discusses the urge for Chancellor Rachel Reeves to scrap flat rate on inheritance tax. The levy is charged at 40 per cent on estates worth more than the £325,000 threshold. Gifts made within three to seven years before someone's death are taxed on a sliding scale referred to as "taper relief". Ian Dyall, the head of estate planning at Evelyn Partners, told BirminghamLive what the impact of a IHT "crackdown" could have on households.

Source: The Times October 15, 2024 14:38 UTC