The Chancellor George Osbourne today decided not to modify the thresholds for the payment of Inheritance Tax, which the Sunday Express had suggested he might.
Instead, he gave a warning that avoidance through Deeds of Variation would be looked at. Deeds of Variation are agreements entered into after someone’s death which can be used to reduce the payment of Inheritance Tax by either re-writing that persons will, or varying the rules which apply when someone dies without a will.
All of this means it is still vital to take advice on your personal situation from a solicitor. to discuss your will and to arrange Lasting Powers of Attorney to make sure you are covered, whatever changes occur in future.Back to Blog