The Autumn 2024 Budget was announced last week, including expected changes related to inheritance tax (IHT) and capital gains tax (CGT).
Writing in an article for Practical Law Global by Thomson Reuters, partner Judith Millar responds to the Budget and notes the key takeaways.
Despite the anti-forestalling measures that have been outlined, there still appear to be opportunities and we will be exploring gift options in the coming months with clients and making sure their Wills are tax efficient. The fact that the IHT gifting regime in terms of chargeable lifetime transfers and potentially exempt transfers has been preserved, as well as the tax-free uplift on death, is hugely beneficial, but the question must be, for how long?
The full article can be read on the Practical Law Global by Thomson Reuters website.
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