With the upcoming budget expected to bring significant changes, Jennie Brown, tax partner at Streets Chartered Accountants, considers what may be on the way. It could bring major changes to a whole range of estate planning taxes, especially Inheritance Tax (IHT) and Capital Gains Tax (CGT). Here’s what might change:Inheritance Tax: changes are widely expectedThe government could be eyeing cuts to IHT reliefs, which may reshape your estate planning strategies. Business Property Relief (BPR):BPR has been a lifeline for business owners, letting them pass on business assets with significant tax relief. From the Chancellor’s point of view, the fallacy in aligning tax rates to a 45% maximum has an inherent fallacy.

Source: The Times October 08, 2024 08:52 UTC