As of today’s budget changes, Inheritance Tax matters have largely stayed the same:
- There are no changes to the current Inheritance Tax threshold, known as the ‘nil rate band’ (NRB). The NRB is currently £325,000 and is now set to remain at this figure until 2014-15 tax year.
- Inheritance tax is payable at 40% on all assets above the NRB. Spouses and civil partners still benefit from the transferable NRB which means that on the death of the first spouse/partner the survivor can benefit from an increased NRB of up to £650,000.
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It came as no surprise in the Budget that, as previously announced, for deaths on or after 6th April 2012 a lower rate of Inheritance Tax of 36% will apply where 10% or more of a person’s net estate is left to charity.
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WESTON Hospicecare’s first Make Your Will Week event has been declared a resounding success, with more than £6,500 raised by some of Weston’s leading solicitors.
The week was supported by Berry Redmond and Robinson, John Hodge Solicitors, Powells with Chawner Grey and Wards who, between them, wrote wills for more than 70 people, free of charge, in exchange for donations to the hospice.
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