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Clarke & Son Blog​

How does the new inheritance tax perk work?

Nia Wharry, Partner & Head of Wills & Estate Planning

– From 5th April, there will be changes to the way inheritance tax works in respect of property. This article explains how it will work and who will benefit and who will not!  If you have any questions regarding Inheritance tax our team of wills & estate planning experts are here to advise.

New rules that will remove millions of family homes from inheritance tax take effect within weeks. Yet many people could miss out completely unless they urgently review their wills, while it could pay others to start giving away their wealth or even remarry.

From April 5, each individual can claim an additional allowance of £100,000 to offset the sale of a family home on death, on top of their existing £325,000 inheritance tax exemption. This new tax allowance will rise to £175,000 by 2020, allowing a couple to pass on £1m estates tax-free.

However, not everyone will qualify for the new  perk. It will not be available to those without children, or to many business owners. Estates worth more than £2m will also be penalised.

Read more: http://bit.ly/2mJP9dX

If you have a query or would like to book an appointment please get in touch with our First Contact team on 01256 320555 or email mail@clarkeandson.co.uk

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