{"id":19531,"date":"2019-07-11T10:55:37","date_gmt":"2019-07-11T10:55:37","guid":{"rendered":"https:\/\/smh.group\/?p=19531"},"modified":"2023-02-15T13:45:30","modified_gmt":"2023-02-15T13:45:30","slug":"could-we-see-the-back-of-inheritance-tax","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/could-we-see-the-back-of-inheritance-tax\/","title":{"rendered":"Could we see the back of inheritance tax?"},"content":{"rendered":"\n

A paper presented to the Labour Party\nhas suggested the abolition of inheritance tax (IHT). <\/strong><\/strong><\/p>\n\n\n\n

Labour Party proposals to kill off inheritance tax<\/a><\/span><\/strong> (IHT) and replace it with a gifts tax were reported across several newspapers last month. The coverage was somewhat creative, as the idea was plucked from a paper prepared for the Labour Party primarily focused on reforming the taxation of land. The gifts tax section covered just half a page and did little more than regurgitate a structure proposed over a year ago by the Institute for Public Policy Research (IPPR). <\/p>\n\n\n\n

These proposals are not yet Labour Party\npolicy \u2013they will only be considered when the party prepares its manifesto for\nthe next election, which could be as far away as 2022. However, it\u2019s worth\nconsidering how IHT might be transformed into a gifts tax.<\/p>\n\n\n\n

The major change proposed is that liability\nwould shift to the recipient of a gift or legacy, not the person making the\ngift or bequest. This approach is common in other countries which levy estate\ntaxes. The IPPR framework would make gifts and bequests totalling \u00a3125,000\n(indexed to inflation) over a lifetime free of tax. Beyond that threshold, any\namount received would be treated as income and taxed accordingly. The new tax\nwould apparently raise almost three times as much as IHT. The paper on land tax\nreform added one tweak to the IPPR proposals: a new tax on equity release which\nit described as a \u201ckey means of avoiding inheritance tax\u201d. <\/p>\n\n\n\n

IHT is generally regarded as the UK\u2019s most\nhated tax, despite the relatively few estates that end up paying it. However,\nIHT is much easier to sidestep than a lifetime gifts tax would be. Under IHT,\nthe general principle is that outright gifts only enter the IHT calculation if\nthey are made within seven years of death.  \n<\/p>\n\n\n\n

If the impact of IHT on what your family or other beneficiaries will receive concerns you, now could be a good time to discuss with us the ways in which you can take advantage of the generous treatment of lifetime gifts\u2026while it lasts. <\/p>\n\n\n\n

To discuss your estate planning<\/a><\/span><\/strong> with one of our specialist advisers drop us a line on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong>.<\/p>\n\n\n\n

The value of tax reliefs depends on your\nindividual circumstances. Tax laws can change. The Financial Conduct Authority\ndoes not regulate tax advice. <\/em><\/h4>\n","protected":false},"excerpt":{"rendered":"

A paper presented to the Labour Party has suggested the abolition of inheritance tax (IHT). <\/p>\n","protected":false},"author":4,"featured_media":16788,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16,2],"tags":[92,77,12,13,19,14],"class_list":["post-19531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","category-wills-probate","tag-estate-planning","tag-financial-planning","tag-iht","tag-inheritance-tax","tag-tax","tag-tax-planning"],"acf":[],"yoast_head":"\nCould we see the back of inheritance tax? - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Could we see the back of inheritance tax? 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- SMH Group","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"Could we see the back of inheritance tax? - SMH Group","og_description":"A paper presented to the Labour Party has suggested the abolition of inheritance tax (IHT).","og_url":"https:\/\/devstagesite.co.uk\/smhgroup\/could-we-see-the-back-of-inheritance-tax\/","og_site_name":"SMH Group","article_published_time":"2019-07-11T10:55:37+00:00","article_modified_time":"2023-02-15T13:45:30+00:00","og_image":[{"width":585,"height":250,"url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg","type":"image\/jpeg"}],"author":"Brendan Hall","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Brendan Hall","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/could-we-see-the-back-of-inheritance-tax\/#article","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/could-we-see-the-back-of-inheritance-tax\/"},"author":{"name":"Brendan Hall","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"headline":"Could we see the back of inheritance tax?","datePublished":"2019-07-11T10:55:37+00:00","dateModified":"2023-02-15T13:45:30+00:00","mainEntityOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/could-we-see-the-back-of-inheritance-tax\/"},"wordCount":405,"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/could-we-see-the-back-of-inheritance-tax\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg","keywords":["estate planning","financial planning","IHT","Inheritance Tax","tax","tax planning"],"articleSection":["SMH Financial Services","SMH Wills & Probate"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/could-we-see-the-back-of-inheritance-tax\/","url":"https:\/\/devstagesite.co.uk\/smhgroup\/could-we-see-the-back-of-inheritance-tax\/","name":"Could we see the back of inheritance tax? 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