Chancellor Philip Hammond is being urged to remove complexities surrounding Inheritance tax when he delivers his Budget speech on Monday 29 October 2018.
Under current exemptions which have mostly remained unchanged since their introduction in 1986, individuals can give away up to £3,000 worth of gifts each tax year by using their annual exemption, this can be carried over for one tax year only.
Parents can gift up to £5,000 towards their children wedding ceremony and up to £2,500 for grandchildren and more generally gift up to £1,000 to any other individual.
The Office for Tax Simplification (OTS) is due to make its recommendations, this could include a larger annual exemption to replace all above gift exemptions.
For more information and if you have any questions regarding Inheritance tax (IHT) please contact us on firstname.lastname@example.org.