Although it was not expressly mentioned in yesterdayโs statement, experts warn โthere are implicationsโ for inheritance tax (IHT) based on the changes made. Both the nil rate band and residence nil rate band IHT thresholds have been frozen until 2026.
Currently an IHT bill is 40 percent of oneโs estate that is above the necessary thresholds and can include gifts made up to seven years before they died.
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