Autumn statement, possible reduction in IHT

Hunt may reduce rates from 40% to 30 or 20%… how would this affect those already in the process of paying… ? It’d be heartbreaking to have to pay and know we could have had a lesser burden. Dad died in June, we don’t yet have probate..
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Comments

  • There will almost certainly be a cut off date which is unlikely to be retrospective. That was certainly the case with the introduction of the residential NRB.  
  • Speculating on the subject, if there is to be a reduction then I would expect that some of the IHT-mitigation ‘loopholes’ will be closed at the same time.  So, if your Dad had made sensible use of those loopholes you may find it all a matter of swings and roundabouts.

    Let’s not forget that many times in the past when the Conservatives have been in the final year before a General Election IHT abolition has been mooted, only for the matter to be dropped afterwards.
  • Marcon
    Marcon Posts: 9,914
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    Hunt may reduce rates from 40% to 30 or 20%… how would this affect those already in the process of paying… ? It’d be heartbreaking to have to pay and know we could have had a lesser burden. Dad died in June, we don’t yet have probate..
    It's highly unlikely that any change would be backdated; there's no reason to do so. The tax rate on an estate will be whatever was in force at the time of the death. 
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Olinda99
    Olinda99 Posts: 1,154
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    it won't be back dated if there are any changes it will apply to deaths after for example 6 April 2024
  • Olinda99 said:
    it won't be back dated if there are any changes it will apply to deaths after for example 6 April 2024
    They may even put it back to 2025, using it as a bribe to vote Tory.
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