Budget 2024: What the inheritance tax rise means for you
1 month, 3 weeks ago

Budget 2024: What the inheritance tax rise means for you

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Chancellor Rachel Reeves has confirmed changes to inheritance tax at the Budget as part of her tax rise package which aimed to raise £40bn. Inheritance tax is a levy applied to the estate of someone who has died, but only around 4 per cent of families end up paying it, as most estates fall below the tax threshold. Ms Reeves said: “We will close the loophole made even bigger when the lifetime allowance was abolished by bringing inherited pensions into inheritance tax from April 2027. “We will reform agricultural property relief and business relied from April 2026, the first £1m of combined business and agricultural assets will continue to attract no inheritance tax at all.

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History of this topic

Inheritance tax raid up by £600MILLION - as they are set to exceed £8billion by end of financial year
3 days, 18 hours ago

Inheritance tax raid up by £600MILLION - as they are set to exceed £8billion by end of financial year

Daily Mail  

Bereaved families paid a staggering £5.7billion in inheritance tax in just eight months of this year. The year-on-year increase means inheritance tax bills look likely to exceed £8billion this financial year. Families paid £7.6billion in inheritance tax in the last financial year, up from £7.1billion the year before. A series of changes announced by Chancellor of the Exchequer Rachel Reeves …

The rule change that means you CAN avoid inheritance tax: Here's everything you need to know about the new loophole that's opening up - and whether it's right for you
3 weeks, 2 days ago

The rule change that means you CAN avoid inheritance tax: Here's everything you need to know about the new loophole that's opening up - and whether it's right for you

Daily Mail  

No matter how much you hate inheritance tax or believe it to be unfair, there is little you can do to protect your loved ones from paying it on significant assets you pass down to them. Hundreds of thousands of Britons already abroad may now find themselves exempt from paying UK inheritance tax without realising it – as this little-known …

Inheritance tax reforms having ‘chilling effect’ on Scottish farming – Swinney
1 month, 1 week ago

Inheritance tax reforms having ‘chilling effect’ on Scottish farming – Swinney

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inheritance tax reforms introduced in the Chancellor’s Autumn Budget are …

My 250-acre farm has been in our family for four generations, but we now face a £400,000 inheritance tax bill and may be forced to give it up... this is the final nail in the coffin
1 month, 2 weeks ago

My 250-acre farm has been in our family for four generations, but we now face a £400,000 inheritance tax bill and may be forced to give it up... this is the final nail in the coffin

Daily Mail  

Struggling farmers have accused Labour of 'lying' and said inheritance tax changes are the 'final nail in the coffin' as they react angrily to Chancellor Rachel Reeves' Autumn Budget. Andrew Smith, 56, said the move to introduce a 20 percent inheritance levy on farm assets above £1 million marks a 'betrayal' by the Labour government Mr Smith said the new …

Budget 2024: Five key tax takeaways at a glance
1 month, 3 weeks ago

Budget 2024: Five key tax takeaways at a glance

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachel Reeves makes Budget speech, 30 October 2024 Taking the …

Pensions to be brought into inheritance tax scope, says Reeves
1 month, 3 weeks ago

Pensions to be brought into inheritance tax scope, says Reeves

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chancellor Rachel Reeves said she will close the “loophole” …

Inheritance tax already up 10 per cent as Reeves looks to squeeze levy in Budget, official figures show
2 months ago

Inheritance tax already up 10 per cent as Reeves looks to squeeze levy in Budget, official figures show

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Britons are already …

Labour’s lost love for our cultural heritage
2 months ago

Labour’s lost love for our cultural heritage

The Independent  

So, Sir Keir Starmer is putting the Downing Street portrait of Shakespeare in storage – a bit of a blow for our cultural heritage! Just as Boris Johnson evoked the image of the ebullient Falstaff, a party man if ever there was one, so does Starmer exemplify the portrait of the charmless, rather feeble Justice Shallow from Shakespeare’s canon. Emma …

Rachel Reeves warned inheritance tax plans will backfire
2 months ago

Rachel Reeves warned inheritance tax plans will backfire

The Telegraph  

The Labour manifesto promised that the party would “not increase taxes on working people” and Ms Reeves now appears to be struggling to raise enough within those constraints. The Chancellor is also expected to target inheritance tax in the budget by attempting to raise £1billion by removing exemptions for businesses and agricultural land. Nullifying the change However, Maxwell Marlow, director …

Budget backlash intensifies as Rachel Reeves warned over inheritance tax hike
2 months ago

Budget backlash intensifies as Rachel Reeves warned over inheritance tax hike

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chancellor Rachel Reeves has been warned that her plan to hike …

The real problem facing Rachel Reeves over inheritance tax...
2 months ago

The real problem facing Rachel Reeves over inheritance tax...

The Independent  

Suitably, as Halloween approaches, the “death tax” is spooking Britain again. The pre-Budget scuttlebutt suggests inheritance tax is in Rachel Reeves’s sights as she battles to plug a fiscal black hole that could be as high as £40bn. HM Revenue & Customs figures for the 2021-22 tax year show that just 4.39 per cent of UK estates – 27,800 – …

Inheritance tax to rise in Budget as Reeves plans to hit well-off
2 months ago

Inheritance tax to rise in Budget as Reeves plans to hit well-off

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Unfortunately it looks like it will be people who have …

Starmer’s blueprint for a tax war on pensioners
3 months, 3 weeks ago

Starmer’s blueprint for a tax war on pensioners

The Telegraph  

Figures from the Office for Budget Responsibility show that in 2010, when David Cameron defeated Gordon Brown, pensioner benefits cost the Treasury just under £86 billion. Stuart Adam, senior economist at the independent Institute for Fiscal Studies, says: “Overall, on average, the older generation, the baby boomers, have done quite well out of the economy and have done quite well …

Labour considering inheritance tax raid to ‘redistribute’ wealth
5 months, 3 weeks ago

Labour considering inheritance tax raid to ‘redistribute’ wealth

The Telegraph  

The number of estates subject to inheritance tax is projected to increase by 50 per cent in the next five years, as the thresholds at which the tax is payable have been frozen while house prices continue to rise. The Telegraph has previously reported that, at the same meeting, he was recorded saying that Labour’s green energy plans would cost …

Rishi Sunak ‘considering scrapping inheritance tax’ ahead of general election
11 months, 3 weeks ago

Rishi Sunak ‘considering scrapping inheritance tax’ ahead of general election

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Rishi Sunak is …

Hunt warns against fuelling inflation but hints at tax cuts for businesses
1 year, 1 month ago

Hunt warns against fuelling inflation but hints at tax cuts for businesses

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. But we …

Jeremy Hunt considering squeezing benefits while cutting inheritance tax
1 year, 1 month ago

Jeremy Hunt considering squeezing benefits while cutting inheritance tax

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Conservative former chancellor Lord Clarke said the move may …

No 10 ‘considers scrapping inheritance tax’ in bid to save Tory seats
1 year, 5 months ago

No 10 ‘considers scrapping inheritance tax’ in bid to save Tory seats

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Downing Street is reportedly holding talks about scrapping inheritance tax as …

Labour consider inheritance tax rise in further raid on middle classes
1 year, 9 months ago

Labour consider inheritance tax rise in further raid on middle classes

The Telegraph  

The Labour Party is considering raising inheritance tax in a further raid on the middle classes, The Telegraph understands. A change to inheritance tax would come on top of other plans by Labour, including reversing the Government’s plan to abolish the lifetime cap on tax-free pension savings and cancelling tax breaks for private schools. Labour’s “grey book”, which it published …

Jeremy Hunt move will make more people pay inheritance tax
2 years, 1 month ago

Jeremy Hunt move will make more people pay inheritance tax

The Telegraph  

Jeremy Hunt is set to announce a new tax raid on inheritance as he battles to balance the books at next week’s Autumn Statement. The Chancellor and Rishi Sunak are understood to have agreed to freeze the threshold above which people must pay tax for another two years. It means that more people will have to pay inheritance tax. A …

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