Changes to inheritance tax

H7pat1a

My mum passed away and I am an executor of the will. I understand the threshold for inheritance tax may well change in the April 2024 budget. If we wait to get probabe until then, will any changes apply to us, or is it the tax rules at time of death that apply? Many thanks, I cannot find an answer to this anywhere online.

Mojisola

H7pat1a said:

My mum passed away and I am an executor of the will. I understand the threshold for inheritance tax may well change in the April 2024 budget. If we wait to get probabe until then, will any changes apply to us, or is it the tax rules at time of death that apply? Many thanks, I cannot find an answer to this anywhere online.

Very unlikely that changes would be backdated.

H7pat1a

I thought so too but still want to check and can't see anything that states date of death as the date where rules are applied

Daniel54

The value of the estate for IHT purposes is the value at date of death.See attached

Any IHT applicable is at the rate and on the valuation as at date of death.

https://www.gov.uk/valuing-estate-of-someone-who-died/estimate-estate-value

user1977

H7pat1a said:

I thought so too but still want to check and can't see anything that states date of death as the date where rules are applied

In theory they could backdate it (Parliament can do what it likes really), but Budget changes in general rarely are, and I can't think of any reason why they would.