Rachel Reeves announces huge inheritance tax changes to close loopholes and raise £3billion in Autumn Budget
THOUSANDS of families will be forced to pay inheritance tax for the first time after huge changes to death duties were announced in the Budget this week.The changes mean ordinary households could be dragged into paying inheritance tax for the first time, which could see them tens of thousands of pounds worse off.
You can also avoid paying death duties if you leave everything above the threshold to your spouse or civil partner. If you are giving gifts to the same person, you can combine your wedding gift allowance with your annual exemption. "Sensible gifts can help support younger family members at a time when you’re still around to see your family enjoy the money."If you do die within this timeframe, the amount of tax due will depend on when you made the gift.Meanwhile, gifts given three to seven years before your death are taxed on a sliding scale which is known as “tapered relief”.Gifts which were made four to five years before your death incur an IHT rate of 24%.
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