The change in the government's budget to make pensions subject to inheritance tax from 2027 will significantly impact many families and their estate planning strategies.
This means that many more families will face an inheritance tax bill and will need to plan, but it’s important not to panic.
The first £325,000 of your estate is not subject to inheritance tax, plus a possible residential nil rate band adds an additional £175,000.
Cohabiting couples do not have the same ability to inherit unused thresholds or pass assets free of IHT, and need to plan accordingly.
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