The deathly silence in today’s budget on the inheritance tax threshold is welcome news for people across the region.
Laura Banks, a partner in Higgs & Sons’ growing private client team says the current inheritance tax threshold of £325,000, looks set to remain the same according to early reports on the budget.
“Initial budget reports are not showing any amendments to the inheritance tax system. However, with capital gains tax rates increasing for higher rate tax payers, prudent estate planning is now even more crucial.
“One surprise within the budget is that the annual exempt amount for CGT has not been reduced as was widely anticipated, but remains the same at £10,100.
“Estate planning is a complex area, but essential, if people are to maximise assets which can pass down the generations.
“In the run up to the budget we have been extremely busy and it shows no sign of slowing down. Our clients are taking every prudent step they can.”