Navigating the post Budget inheritance tax landscape

The recent Budget announcement brought significant changes that require consideration to ensure your current situation and future plans withstand them. Particularly impacted by the announcements is inheritance tax. Estate planning can be a complex and often daunting topic, but understanding the latest changes is crucial to avoid triggering a higher than necessary tax bill for you and your family.

In this webinar, our panel of experts break down the key policy changes, their implications, and explore how best to navigate these changes.

Questions:
Introduction

What changes were announced to the inheritance tax regime in the Budget?

What planning opportunities are now available for family businesses affected by the changes?

If you give away a farm that includes a residential property, can you still live in the property without farming the land?

What do the changes mean for existing trusts?

What are the key changes to unused pension funds announced in the budget?

What sort of planning should be considered because of these proposed changes?

Are there limits on the amounts you can gift?

Can you explain if there is a difference between Defined benefit and defined contribution pension schemes? What about money held in SIPPs?

Does it affect the tax rate under the new rules after April 2027 if the pension is inside or outside the old LTA?

Is the simplest most effective way, just to have life insurance and name the beneficiary as the person paying the tax bill?

If you had Fixed protection 2014 can you still take out the higher lump sum tax free amount?

Will the new rules apply if the person is already diseased but probate and tax not yet settled?

What action should I be taking now?

If you are gifting a furnished holiday let before April 25. Is it considered part of your estate if you die before 7 years elapses?

How likely is it that the government will row back given the backlash?