Next month sees the introduction of the Residence Nil Rate Band, offering those with children or remoter descendants who own their own property a substantial additional inheritance tax allowance.
However, the following month, probate fees are going to increase from the current rate paid on solicitor applications, being £155 to in some cases as much as £20,000. The fee increase is on a sliding scale starting at £300 for estates under £300,000 and rising sharply as detailed below:
Potentially more worrying are the rumours coming out that plans are in place to increase the rate of inheritance tax from 40% to cover the increasing cost of social care, reported in the media here: https://www.theguardian.com/commentisfree/2017/mar/02/philip-hammond-inheritance-tax-plans-revenge-undead
For additional information on any of the points raised above, please don’t hesitate to contact a member of our private client team.