{"id":20050,"date":"2020-04-08T11:30:01","date_gmt":"2020-04-08T11:30:01","guid":{"rendered":"https:\/\/smh.group\/?p=20050"},"modified":"2023-02-15T13:19:47","modified_gmt":"2023-02-15T13:19:47","slug":"the-inheritance-tax-dog-that-didnt-bark","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/","title":{"rendered":"The inheritance tax dog that didn\u2019t bark\u2026"},"content":{"rendered":"\n<p><strong>One of the few\nsurprises in March\u2019s Budget was that the Chancellor never mentioned inheritance\ntax (IHT) or expected simplification measures.<\/strong><\/p>\n\n\n\n<p>Before 11 March there had been much speculation that the <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/budget-2020\/\">Budget<\/a><\/span><\/strong> would introduce a range of changes to <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/wills-probate\/estate-tax-planning\/inheritance-tax\/\">IHT<\/a><\/span><\/strong>. This was more than just the usual press kite-flying, as the Office of Tax Simplification (OTS) had published two reports on the reform of the tax: the first emerged in 2018, with the second issued last July, in time for the Autumn Budget that never happened.<\/p>\n\n\n\n<p>The OTS made a number of proposals for simplifying IHT including:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>replacing the many\nlifetime gift exemptions, such as the \u00a33,000 annual exemption, with a single\npersonal gift allowance;<\/li><li>reforming or replacing\nthe valuable, but little used, exemption for regular gifts made out of income; <\/li><li>abolishing the taper\nrelief on lifetime gifts tax while simultaneously shortening the seven year\nlook-back period for lifetime gifts to five years; and <\/li><li>removing the capital\ngains tax (CGT) exemption on death when 100% IHT business relief applies.<\/li><\/ul>\n\n\n\n<p>The extent of\nwork done by the OTS and the many issues it flagged up mean that the reform of\nIHT is unlikely to disappear from the Treasury\u2019s agenda. Proposals may\ntherefore emerge in the next Budget, due this Autumn. It is conceivable that,\nby then, the Chancellor will be looking at IHT as one way of raising extra\nrevenue to help pay down the debts building up in the wake of the Covid-19\npandemic. <\/p>\n\n\n\n<p>In the meantime,\nfor some families, their potential IHT bill falls by up to \u00a320,000 from 6 April\nas the residence nil rate band increased by \u00a325,000 to \u00a3175,000 (subject to\ntaper for estates above \u00a32 million). Taken together with the nil rate band,\nstill frozen at \u00a3325,000, that means a couple could now have a combined total\nnil rate band of \u00a31 million. <\/p>\n\n\n\n<p>The absence of any measures in the Budget has kept open some <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/wills-probate\/estate-tax-planning\/\">estate planning<\/a><\/span><\/strong> opportunities which could have disappeared in March. This stay of execution could prove to be a good time to review your <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/wills-probate\/estate-tax-planning\/inheritance-tax\/\">IHT planning<\/a><\/span><\/strong>. <\/p>\n\n\n\n<p>If you would like to discuss any IHT or estate tax planning opportunities contact our specialist team on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n\n\n\n<h6 class=\"wp-block-heading\"><em>The value of tax reliefs depends on your individual circumstances. <\/em><\/h6>\n\n\n\n<h6 class=\"wp-block-heading\"><em>Tax laws can change. <\/em><\/h6>\n\n\n\n<h6 class=\"wp-block-heading\"><em>The Financial Conduct Authority does not regulate inheritance tax\nadvice.<\/em><strong><\/strong><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>One of the few surprises in March\u2019s Budget was that the Chancellor never mentioned inheritance tax (IHT) or expected simplification measures.<\/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":[465,69,294,92,12,13,19],"class_list":["post-20050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","category-wills-probate","tag-budget-2020","tag-capital-gains-tax","tag-cgt","tag-estate-planning","tag-iht","tag-inheritance-tax","tag-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The inheritance tax dog that didn\u2019t bark\u2026 - SMH Group<\/title>\n<meta name=\"description\" content=\"One of the few surprises in March\u2019s Budget was that the Chancellor never mentioned inheritance tax (IHT) or expected simplification measures.\" \/>\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=\"The inheritance tax dog that didn\u2019t bark\u2026 - SMH Group\" \/>\n<meta property=\"og:description\" content=\"One of the few surprises in March\u2019s Budget was that the Chancellor never mentioned inheritance tax (IHT) or expected simplification measures.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-08T11:30:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-15T13:19:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"585\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"The inheritance tax dog that didn\u2019t bark\u2026\",\"datePublished\":\"2020-04-08T11:30:01+00:00\",\"dateModified\":\"2023-02-15T13:19:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/\"},\"wordCount\":391,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg\",\"keywords\":[\"Budget 2020\",\"Capital Gains Tax\",\"CGT\",\"estate planning\",\"IHT\",\"Inheritance Tax\",\"tax\"],\"articleSection\":[\"SMH Financial Services\",\"SMH Wills &amp; Probate\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/\",\"name\":\"The inheritance tax dog that didn\u2019t bark\u2026 - SMH Group\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg\",\"datePublished\":\"2020-04-08T11:30:01+00:00\",\"dateModified\":\"2023-02-15T13:19:47+00:00\",\"author\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"description\":\"One of the few surprises in March\u2019s Budget was that the Chancellor never mentioned inheritance tax (IHT) or expected simplification measures.\",\"breadcrumb\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#primaryimage\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg\",\"contentUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg\",\"width\":585,\"height\":250,\"caption\":\"tax services\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The inheritance tax dog that didn\u2019t bark\u2026\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\",\"name\":\"SMH Group\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\",\"name\":\"Brendan Hall\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"caption\":\"Brendan Hall\"},\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The inheritance tax dog that didn\u2019t bark\u2026 - SMH Group","description":"One of the few surprises in March\u2019s Budget was that the Chancellor never mentioned inheritance tax (IHT) or expected simplification measures.","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":"The inheritance tax dog that didn\u2019t bark\u2026 - SMH Group","og_description":"One of the few surprises in March\u2019s Budget was that the Chancellor never mentioned inheritance tax (IHT) or expected simplification measures.","og_url":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/","og_site_name":"SMH Group","article_published_time":"2020-04-08T11:30:01+00:00","article_modified_time":"2023-02-15T13:19:47+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\/the-inheritance-tax-dog-that-didnt-bark\/#article","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/"},"author":{"name":"Brendan Hall","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"headline":"The inheritance tax dog that didn\u2019t bark\u2026","datePublished":"2020-04-08T11:30:01+00:00","dateModified":"2023-02-15T13:19:47+00:00","mainEntityOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/"},"wordCount":391,"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg","keywords":["Budget 2020","Capital Gains Tax","CGT","estate planning","IHT","Inheritance Tax","tax"],"articleSection":["SMH Financial Services","SMH Wills &amp; Probate"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/","url":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/","name":"The inheritance tax dog that didn\u2019t bark\u2026 - SMH Group","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website"},"primaryImageOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#primaryimage"},"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg","datePublished":"2020-04-08T11:30:01+00:00","dateModified":"2023-02-15T13:19:47+00:00","author":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"description":"One of the few surprises in March\u2019s Budget was that the Chancellor never mentioned inheritance tax (IHT) or expected simplification measures.","breadcrumb":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#primaryimage","url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg","contentUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2018\/09\/inheritance-tax-services.jpg","width":585,"height":250,"caption":"tax services"},{"@type":"BreadcrumbList","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/the-inheritance-tax-dog-that-didnt-bark\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/devstagesite.co.uk\/smhgroup\/"},{"@type":"ListItem","position":2,"name":"The inheritance tax dog that didn\u2019t bark\u2026"}]},{"@type":"WebSite","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website","url":"https:\/\/devstagesite.co.uk\/smhgroup\/","name":"SMH Group","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e","name":"Brendan Hall","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","caption":"Brendan Hall"},"url":"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/"}]}},"_links":{"self":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/20050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/comments?post=20050"}],"version-history":[{"count":1,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/20050\/revisions"}],"predecessor-version":[{"id":24120,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/20050\/revisions\/24120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media\/16788"}],"wp:attachment":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media?parent=20050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/categories?post=20050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/tags?post=20050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}