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Following the governments much-anticipated first Budget, we all welcome the clarity it has provided after a long period of uncertainty.
A short update on the Budget proposals (which are subject to enactment in the Finance Bill) in respect of inheritance tax and capital gains tax is set out below.
We understand that advisers and their clients may have questions about the announced changes and their impact and are committed to being a proactive partner in helping advisers navigate the recent regulatory changes.
If you have any questions regarding the Budget and its impact on your clients, please do not hesitate to reach out to your BDMor you can email the team at sales@downing.co.uk who will be happy to help.
The timeline of amendments to inheritance tax and Business Relief
Changes that will likely affect small businesses
New post-budget technical tax planning scenarios
What we know so far about changes to inheritance tax and capital gains tax
Inheritance Tax
The current 100% IHT relief on assets (including AIM investments) that qualify for Business Relief will continue until April 2026;
After April 2026:
100% Business Relief will continue to apply to the first £1m of qualifying business and agricultural assets (in addition to the current nil rate band worth up to £500k per individual) and, there after, IHT will apply at half the normal rate, effectively reducing to 20%. This change will apply to unlisted inheritance tax solutions and private family businesses.
For Business Relief qualifying companies listed on AIM, IHT will apply at the halved rate of 20% (irrespective of the size of investment);
Non-dom tax status will be abolished and assets owned by those resident in the UK will be subject to UK IHT from April 2025;
Inherited pension funds (i.e. from a deceased parent) will be within the scope of the deceased’s estate for IHT purposes from April 2027, rather than being exempt;
The current thresholds for IHT will be frozen at £325k (plus £175k if a residence forms part of the estate) for a further two years to 2030; and
A new digital platform will be introduced in 2028/2029 which will allow personal representatives to submit IHT returns electronically and manage the information and payments online.
Capital Gains Tax
The lower rate will increase from 10% to 18% (from the date of the Budget);
The higher rate will increase from 20% to 24% (from the date of the Budget); and
Business Asset Disposal Relief, (formally known as Entrepreneurs Relief), will apply at 14% with effect from April 2025 and 18% with effect from April 2026. This increases from the current flat rate of 10%.
Thank you.
Important notice
This content contains information that is believed to be accurate at the time of publication but is subject to change without notice. The explanation of all of the tax rules set out have been written in accordance with our understanding of the law and interpretation of it at the time of publication. No reliance should be made on this content to inform any investment of tax planning decision.
Whilst care has been taken in compiling this content, no representation or warranty, express or implied, is made by Downing as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.
