Are the proposed inheritance tax reforms a step in the right or wrong direction?—Today’s Wills and Probate
Partner James Cook has written in Today’s Wills and Probate on proposals for inheritance tax (IHT) reform and their impact on succession planning. He warns that changes to the seven-year gifting rule, lifetime exemptions, APR/BPR, and the inclusion of pensions in IHT could create financial and practical challenges for families, farmers, and SME owners, potentially forcing asset sales, disrupting long-term plans and undermining confidence in tax stability.
Going forward, these reforms (including those that have been introduced to date and those that have been mooted) place renewed emphasis on private client practitioners to consider their impact with their clients. In particular, private client practitioners should look to re-evaluate estate plans and gifting strategies already in motion; assess liquidity risks in light of potential reductions in APR/BPR; and prepare clients for scenario-based planning (i.e. appropriate stress-testing of estates under potential new rules).
The full article is available to read online at Today’s Wills and Probate.
About James
James advises on estate and succession planning, wills, probate, trusts, tax-planning, lasting powers of attorney, enduring powers of attorney and Court of Protection matters. His work often includes international elements whereby he advises both UK and non-UK clients.
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