Taxation

Question 1

What action should landowners take in relation to Labours Autumn Statement?

Answer 1

Until the new proposals are legislated it is difficult to judge what if any advance tax planning actions taken now may prove to be effective as some are in the 24/25 Finance Bill - whilst others including those relating to APR and BPs are subject to further consultation.

Question 2

What should they do?

Answer 2

Seek to understand current risks and how much IHT would be payable in the event of the untimely death of a family member.

Seek advice from professionals - start with the assets!

Look at mitigation opportunities (nil rate bands, residential nil rate bands, spousal exemption, gifts, including annual gifts, apr, bpr, PETs, use of companies, shared ownerships, trusts and deeds of variation).

Take a holistic approach!