George Osborne’s announcement today affected how Inheritance tax is charged on estates. Inheritance tax is normally charged on the net value of a deceased person’s estate after taking into account liabilities outstanding at the date of death.
The changes affect certain debts in the estate that are no longer able to be deducted. This change combined with the freezing of the nil rate band could cause many estates to come within the charge to inheritance tax at 40%
Clay Shaw Thomas are able to provide advice in order to assist you with effective estate planning. If you would like more information please do not hesitate to contact Andrew Knott at this office.