Inheritance Tax

Moneysavvy259

Wondering which rules would apply to money gifted now, should the thresholds/ tax rate change in the October statement , eg money gifted now, person gifting money dies next summer and rules change in April 25  would rules at time of gifting or time of death be applicable?

Linton

No one knows what is going to happen in the budget and how it would be implemented.  Best to assume that the rules wont change since most rules are likely to stay the same - the gorvernment cannot change the rules for everything in one go.

But in my view it would be simplest by far to base such a change on the date of death.

Keep_pedalling

Non exempt gifts will still be in someone’s estate if they die in within 7 years so it will make no difference if the giver dies within the year.

Any changes to the annual exemptions are not likely to kick in until the next financial year.