Applying to deaths in England, Wales and Northern Ireland from 1 January 2022, the amendments include:
- Raising the threshold gross value of an excepted estate from £1million to £3million;
- Raising the value threshold of an excepted estate’s chargeable trust property from £150,000 to £250,000. The total amount of trust property including exempt amounts is limited to £1million.
- Increasing the value limit in relation to specified lifetime transfers from £150,000 to £250,000.
- Amending the definition of ‘IHT threshold’ to include cases where some of the available threshold was used when the first of a married couple or civil partnership died and a claim is made for the unused percentage to be made available against the current estate (the transferable nil-rate band)
- Simplifying information that is to be produced for both small estates and exempt estates
- Removing excepted status from estates of foreign persons where the deceased either owned indirect interests in UK residential property or made lifetime gifts of UK assets above £3,000 in the seven years before death, unless the estate is not liable for IHT.
Here to help…
Probate can be lengthy and time consuming at a very emotional time for loved ones. Our experienced team can help and guide you through the process and assist with paying Inheritance tax and explain the deadlines involved. We can provide experienced advice if:
- The estate is valuable and inheritance tax is likely to be payable
- The estate is complex eg. business or overseas assets
- You have underage children or family trusts
Please click here for details of our probate pricing.
If you believe there are questions over the validity of a will and/or believe a will should be contested, we have a specialist team who can provide you with a free initial telephone consultation to discuss your options.