Inheritance Tax

With the UK’s most significant inheritance tax (IHT) reforms in nearly two decades set to roll out from April 2025, legal professionals must prepare for an influx of estate planning enquiries, according to a new YouGov survey commissioned by Brodies LLP. The survey of 2,001 UK adults aged 50+

Chancellor Rachel Reeves should revisit abandoned proposals from the defunct Office of Tax Simplification (OTS) to simplify the UK’s complicated tax system and unlock greater yield – without further damaging business confidence or deterring investment – according to Azets. In light

Ahead of the Alternative Investment Market's (AIM) 30th anniversary, Adrian Murphy discusses its significant shortcomings as both an incubator for growth companies and as a rewarding investment vehicle, arguing its poor returns have largely negated its inheritance tax (IHT) advantages. It is difficu

The number of families estates in Edinburgh and Glasgow subject to Inheritance Tax (IHT) is set to rise sharply by the end of 2026/27, according to a new report by Wright, Johnston & Mackenzie and Irwin Mitchell. The findings are based on a Freedom of Information request to HMRC and form part of

Impending changes to UK inheritance tax (IHT) and business property relief (BPR), set to take effect from 6 April 2026, are sparking significant concern amongst business owners regarding their potential financial impact. There is widespread anxiety about funding of unexpected tax liabilities and tri

With the latest inheritance tax (IHT) statistics showing revenues rising by nearly 10% over the last year it is time for a review of this tax according to DJ Alexander Ltd. The estate and letting agents firm said that an increase of £0.8 billion in IHT revenues between April 2024 and March 202

Inheritance Tax (IHT) receipts reached a record £8.2 billion in the 2024-25 tax year, up from £7.5bn previously, HMRC has revealed.

A Scottish third-generation egg producer has welcomed some aspects of Defra secretary Steve Reed’s so-called "new deal for farmers". However, managing director of Farmlay Iain Chapman, stopped short of giving his wholehearted support to the Secretary of State’s speech at last month's Oxf

Business owners and shareholders planning to gift shares to their children because of impending inheritance tax (IHT) changes have been urged by accountancy firm Azets to press the pause button and avoid rash decisions they may regret. Changes to the IHT relief available for assets qualifying for Bu

Azets Aberdeen has advised business owners and farmers on how to navigate "unfair" inheritance tax (IHT) changes announced in the Autumn Budget. From April 2026, proposed restrictions to both Business Property Relief (BPR) and Agricultural Property Relief (APR) will come into effect, while from 2027

Time is running out for the vast majority of high net worth individuals (HNWI) in Scotland wanting to pass on their wealth as they put inheritance planning on the back burner, according to new research from Rathbones. A third (31%) of HNWIs in Scotland want to pass on wealth but have put no plans in

The Edinburgh Tax Network, in conjunction with CIOT and Terra Firma Chambers, will present a seminar entitled 'Gross Division & Net Proportionality in Estates – re Ratcliffe & re Benham revisited' at the Mackenzie Building, Old Assembly Close, Edinburgh on Thursday 26 September 2024. P

Recent reports indicating that the UK government is contemplating a reduction, and eventual abolition, of Inheritance Tax (IHT), have been welcomed by Scottish estate and letting agency DJ Alexander Ltd. Described by many homeowners as the UK's most inequitable tax, IHT accrued £3.9bn between

With HMRC forecasting that 283,400 estates will face inheritance tax (IHT) by 2028, Wylie & Bisset has urged clients to seek an early assessment of their IHT exposure and plan ahead. This forecast comes in the wake of Chancellor Jeremy Hunt's decision to maintain the IHT threshold at £325,

Newly released figures have revealed that the UK government's decision to freeze the inheritance tax threshold could affect almost four times more families than initially expected. The forecast by the HMRC suggests that 49,400 estates will face inheritance tax by 2028, significantly higher than the