Previously-shelved plans to increase probate fees have been ‘resurrected’ by the Government this week, but will have a slightly lesser impact on wealthy estates than was previously expected, it has emerged.
An official review of Inheritance Tax (IHT) will be published before the end of the year, after Chancellor Philip Hammond bypassed the opportunity to address IHT in this week’s Budget, it has emerged.
A new analysis carried out by the Office for Budget Responsibility (OBR) this week has estimated that Inheritance Tax (IHT) receipts are likely to soar to a new record high for the 2018/19 tax year.
Important life events such as getting married, moving house or having children are being overlooked by many British families, who are failing to keep their Wills regularly updated to reflect changes in their circumstances, it has been warned.
Chancellor Philip Hammond is facing fresh calls to consider Inheritance Tax (IHT) reforms ahead of the Autumn Budget on Monday 29 October.