Inheritance tax

Inheritance tax

FORTHCOMING CHANGE: The newly elected Labour government announced on 29 July 2024 that it intends to replace the current (2024–25) domiciled-based assessment of inheritance tax (IHT) with a new residence-based system from 6 April 2025, which would bring non-UK assets within the scope of IHT if the owner has been resident in the UK for ten tax years and keep them within the charge to IHT for between three and nine years after that person ceases to be UK resident. Details of the new rules were published in the Budget on 30 October 2024 (Autumn Budget 2024). See paragraph 5.51 of Autumn Budget 2024 and Technical Note: Reforming the taxation of non-UK domiciled individuals.

FORTHCOMING CHANGE: In the Budget on 30 October 2024 (Autumn Budget 2024), the Chancellor of the Exchequer announced that business property relief (BPR) at the current rate of relief of 100%, which applies to the value of certain types of property, will be limited to the first £1 million of that value and the remainder will receive relief at only 50%. If the taxpayer, or the estate of the taxpayer,

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