Big Changes In Estate Planning
The introduction of the Main Residence Nil Rate Band (MRNRB) has significantly changed Inheritance Tax Planning for Land and Business Owners.
If your assets are worth more than £2m (including Land and Business assets) then your Estate could lose the benefit of up to £350,000 in MRNRB. This could increase Inheritance Tax by up to £140,000.
In many cases there is now a strong tax argument for making lifetime gifts of some Land and Business Property. In order to decide we prepare Inheritance Tax Reports for clients to identify their objectives and the most tax efficient way of achieving them.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
Image courtesy of Danillo Rizzuti at FreeDigitalPhotos.net