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Inheritance Tax changes raise important questions
When Chancellor Alistair Darling announced immediate changes to Inheritance Tax in October, for many people he raised important questions about their current Wills.
According to Richard Hall at Aldridge Brownlee Solicitors LLP, “We’ve received many enquiries from clients who are unsure whether or not they now need to change their Wills. People want to know if they still need a Discretionary Trust to protect the assets of the surviving partner, and others are concerned about the status of widows and widowers.”
As is so often the case, there are no simple answers. As Richard Hall says, “Everybody’s circumstances are different, and it’s simply not possible to give a straight answer without looking at each individually.
One thing is very clear, though. The surviving member of a married couple or civil partnership can immediately add the unused total of their partner’s tax-exempt £300,000 allowance to their own. This can give them a nil-rate band of up to £600,000, which would represent an Inheritance Tax saving of as much as £120,000 – and because it has been backdated indefinitely, all surviving widows or widowers can now use their deceased partner’s allowance on their own death.”
Contact us and ask to speak to one of our specialists for a private discussion of your situation.
