The financial services industry paid close attention to the Chancellor in his Pre-budget Report a couple of weeks ago, trying to decipher exactly what changes were being announced and how they would impact the millions of people who are our customers.
This year it was very much the turn of inheritance tax to dominate the headlines. Advisers now have the task of understanding and explaining to their clients how the announcements will affect them, and whether or not they need to take any action. Broadly speaking, three groups of people will experience three different scenarios as a result of the Chancellor’s announcements on IHT. Firstly the Chancellor certainly brought good and welcome news to widows and widowers with estates worth over £300,000 whose deceased spouse did not plan for inheritance tax quite as well as they could have done...
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