S2 Ep1 - Inheritance Tax & The Autumn Budget 2024: Where Do You Stand?

In the first episode of Season 2 of the #TVLawyer Podcast, Melinda Giles sits down with fellow Partner and Private Client specialist Caroline Woodham to unpack the key changes to Inheritance Tax law in the Autumn Budget 2024.From changes to Business Property Relief (BPR) and Agricultural Property Relief (APR), to the removal of exemptions for pension funds. Caroline, an expert in Inheritance Tax (IHT) planning, explains the impact of these changes, who may be affected, and steps anyone concerned can take.In this episode, they discuss:The advantages of the nil-rate band and residence nil-rate band remaining fixed at their current rates until 2030.How most unused pension funds and death benefits will no longer be exempt from Inheritance Tax (starting from April 2027).Why this change could mean more estates are subject to IHT than would have been previously.The possibility that pension providers will be responsible for this side of IHT instead of the person dealing with the estate.What the proposed reforms on BPR and APR mean for business owners and farm owners looking to pass assets onto their descendents.The benefits of there being no changes to the rules on gifting or deeds of variation.Why these changes will require more clear, considered and professionally-led IHT planning.