A battle of wills

On the day of a Pre-Budget Report (PBR) or Budget, it is often the case that detail is lacking and it is difficult to properly analyse the impact of the tax changes. In October last year however, the inheritance tax (IHT) changes for the nil rate band (NRB) were announced with draft legislation and a detailed Guidance Note. This was followed by a Frequently Asked Questions document on the HM Revenue & Customs website (www.hmrc.gov.uk). The level of detail even extended to considering the impact on those whose spouse had died pre-1975 under the old estate duty rules, so the practical applica...