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Budget 2024 and its impact on IHT and estates

31 Jan 2025

Description

We digest and discuss the changes outlined in the 2024 Budget affecting inheritance tax, estates and planning strategies. We take a look at the impact on businesses, farming and pensions. In this podcast, Harriet Betteridge from our Private Client Team speaks to Alexandra Ottridge at Level about the 2024 Autumn Budget and its impact on estate planning, inheritance tax (IHT) and succession strategies. The Level Group are a lending firm providing finance for family and probate proceedings.  Harriet outlines key points from the Budget including the freezing of IHT (inheritance tax) thresholds until 2030, the relief on business and agricultural property being capped from April 2026 and the introduction of IHT on pensions from April 2027. Harriet provides crucial takeaways and solutions to navigate these changes such as the need for early estate planning, life insurance and probate loans to manage the higher tax liabilities, as well as planning ahead by reviewing of wills, updating of pension nominations and taking advice on tax-efficient structures.

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