Reforms to the inheritance tax (IHT) regime will double the proportion of deaths subject to an IHT charge creating a ‘surge in demand’ for advisers to help clients manage their estates, according to Utmost Wealth Solutions.
The Office for Budget Responsibility estimates that the proportion of deaths subject to IHT will rise from 5.1% in 2022/23 to 9.5% by 2029/30. Utmost highlighted that it marks a near-doubling of those being caught by IHT with the number of deaths subject to IHT rising by more than 30,000 with expectations that it will increase from 35,000 to 66,600 over the same period. The chancellor announced in the Budget that the freeze in the nil rate band and residence nil rate band will both be extended a further two years until 2029/30. In addition, Rachel Reeves instigated changes to Business...
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