#TVLawyer Podcast: Inheritance Tax & The Autumn Budget 2024: Where Do You Stand?
Managing Partner, Head of Private Client
In Series 2, Episode 1 of the #TVLawyer Podcast, Melinda Giles speaks to fellow Giles Wilson Partner and Private Client specialist Caroline Woodham about the changes to Inheritance Tax law after the Autumn Budget 2024 was announced in November.
Chancellor Rachel Reeves’s first budget of the new Labour government included several significant reforms to how Inheritance Tax works – from changes in Business Property Relief (BPR) and Agricultural Property Relief (APR), to removing exemptions for pensions.
As an expert in all areas of Inheritance Tax (IHT), Caroline explains what these changes may mean, highlights who will be affected by these reforms, and shares some useful advice for anyone concerned about what this means for their estate planning.
In this episode, they discuss:
The advantages of the nil-rate band and residence nil-rate band remaining fixed at their current rates until 2030
How most unused pension funds and death benefits will no longer be exempt from Inheritance Tax (starting from April 2027)
Why this change could mean more estates are subject to IHT than would have been previously
The possibility that pension providers will be responsible for this side of IHT instead of the person dealing with the estate
Why people will need to consider the relationship between estate planning and pension planning more closely
What the proposed reforms on BPR and APR mean for business owners and farm owners looking to pass assets onto their descendants
The benefits of there being no changes to the rules on gifting or deeds of variation
Why these changes will require more clear, considered and professionally-led IHT planning
Listen to their thoughts on these subjects and much more – check out Series 2 of the #TVLawyer podcast now on YouTube and Spotify.
