Inheritance Tax — Budget news

We are pleased to inform our clients that in the budget today the Chancellor has advised that the nil rate band for Inheritance Tax is to be increased in  2017 to £500,000 for a single person. This means that married couples should be able to pass assets worth up to £1m to their families without payment of inheritance tax. As ever the devil is in the detail which is yet to be published. It is important to review your wills and financial planning in view of this development.