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Why Inheritance Tax Has Britain on Edge?
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Subscribe04 SEP 2024 / FINANCE
Amid rising property prices and an expected transfer of £1 trillion in wealth during the 2020s, the UK's inheritance tax (IHT), currently set at 40% on estates over £325,000, is facing potential major reforms. Suggestions include reducing reliefs, such as those for business and agricultural properties, or scrapping the seven-year rule that allows gifts made more than seven years before death to escape the tax, potentially impacting middle-class families, family farms and small businesses.
"There's nothing certain except death and taxes," said Benjamin Franklin, and in the UK, nothing hits home quite like the dreaded inheritance tax (IHT). With soaring property prices and an aging population set to transfer £1 trillion in wealth during the...
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