We recently spoke with Director & Solicitor Anne Caswell on the upcoming changes to inheritance tax and the steps you can take to protect yourself from them.

More than 8 billion pounds was paid in Inheritance Tax in the 2024/2025 tax year.

I contributed to that. Well, not me personally, but I arranged the payments.

Frozen (until 2029/30) Inheritance Tax thresholds and the rise in property prices are seen as the main forces behind the increase in Inheritance Tax. But the changes announced by the Chancellor in her Autumn Budget are set to bring in even more revenue for the Government.

You’ve probably heard Jeremy Clarkson voicing his opinion on the changes to Agricultural Relief. I’ve even read an article where he was used to explain the tax implications of transferring Diddly Squat Farm into a trust.

Perhaps Jeremy, and the rest of us, should also be concerned that from the tax year 2027 pension death benefits will be included in our estates for Inheritance Tax.

You may already be taking steps to mitigate the effect of Inheritance Tax.

Many people know that one way to reduce the Inheritance Tax bill on their death is use the £3,000 annual allowance to make gifts in their lifetime. But not as many people know about making regular gifts out of income. Claiming this relief saved Executors of mine almost £15,000 in Inheritance Tax last year. This was a win for the estate, but it requires work and preferably forward planning.

Another win is being able to claim money back from HMRC when investments decrease in value – something that may well happen in a turbulent financial market.

I’ve just read that HMRC enquiries into Inheritance Tax are up a third on last year. It seems to me that the times we live in mean that professional advice is required more than ever. Let us at Watson Ramsbottom help you.