LABOUR BOX CLEVER ON IHT

Despite having years to implement IHT changes whilst Chancellor Gordon Brown was left on the ropes by Conservative promises for IHT reform.

It was left to Alistair Darling to pull a rabbit from the hat.

The headlines may have read that the IHT threshold was being raised to £600,000 but the government has simply allowed the transferability of allowances, allowing husbands and wives to benefit from each others unused inheritance tax exemptions.

The Government also agreed to backdate the transferability for those who have already lost a husband or wife, this may however prove difficult and is likely to be tweaked in the April budget.

The rules will also apply to those in civil partnerships.

Should you require any further information on Inheritance Tax and how to minimise the amount you or your children may have to pay, please contact a member of our team on 020 8364 5445