IHT warning from Scottish Equitable

Scottish Equitable has warned of possible changes to the UK's inheritance tax system likely to be announced in the Chancellor's autumn statement. These include the abolition of potentially exempt transfers rules (Pets) and the tightening of rules surrounding non-domiciled UK residents, Margaret Jago, technical manager at Scottish Equitable, said: 'There are a number of areas in the existing inheritance tax system which may be vulnerable to reform. The most frequently discussed is Pets. Abolishing Pets would close down a significant loophole in terms of inheritance tax avoidance but wou...