Gifting, making investments that benefit from agricultural or business property relief, and using trusts are common ways of mitigating IHT. However, estate planning can be complicated and clients may be tempted to jump through various hoops to save on IHT. Is this always worthwhile?
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Inheritance and capital gains tax allowances frozen
By Sonia Rach 3
Image credit: HM Treasury
Chancellor Rishi Sunak has announced that he will be freezing a number of tax allowances, including the pensions lifetime allowance, inheritance tax thresholds and capital gains tax thresholds.
In the Budget today, he said it is fair “to ask more of those who can afford to contribute to protect those who cannot.”
However, Quilter tax and financial planning expert Rachael Griffin says: “Politically, the chancellor doesn’t want to be seen to be increasing taxes, or reducing any allowances, in this economic environment and one stealthy way of avoiding these fiscal constraints is to raise tax by the back door by freezing personal tax thresholds, the pensions lifetime allowance and the annual exempt amount for CGT. So for now, Sunak has started a fiscal ice age by freezing the tax rate thresholds after they increase in 2021/22, which will remain frozen un