New IHT Rules

Question 1

Give three major changes to IHT, following the Autumn Budget

Answer 1

1) Pensions now in scope (All DC and some DB)
2) Limited Agricultural and Business Property Relief (1mil exempt, 50% relief >1mil)
3) AIM shares no longer exempt, now subject to 20% IHT (50% relief)

Question 2

What assets qualify for Business Relief?

Answer 2

1) EIS Shares
2) Shares in an unlisted business

Question 3

Now that Agricultural and Business Property assets are under scope, how long do individual’s have to pay any tax due on these assets?

Answer 3

Can pay over an interest free 10yr period