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From garage to unicorn – Employment law lessons for scaling tech teams
Catherine Bourne
A YouGov poll* commissioned by law firm Kingsley Napley shows 54% - over half of the British public - now want a complete abolition of Inheritance Tax (IHT), up from 49% a year ago.
With significant changes to Inheritance Tax (IHT) reliefs for agricultural and business property due to take effect in approximately seven months, affected individuals are exploring every available planning strategy to mitigate the impact. For those who are asset-rich but cash-poor, the prospect of a 20% IHT charge on death is deeply concerning and threatens the continuity of long-held family assets.
There have been a flurry of media reports that the Treasury is considering changes to the IHT regime at the next Budget in the form of a gifting cap or amending the tapering rules on gifting. The reports make clear nothing has been decided but the kite-flying will no doubt focus minds on estate planning in the weeks ahead.
Is your camel’s back broken yet? Or will this year’s Autumn Budget be the proverbial last straw?
Rachel Reeves’ Autumn Budget in 2024 not only brought in an immediate increase to capital gains tax (CGT) rates, but also announced a swathe of changes to the taxation of international individuals which mostly took effect on the 6th April this year.
The Budget proposals concerning inheritance tax on farms and farm businesses have understandably created a furore amongst farmers and landowners. Both sides should be considering whether a compromise could be agreed.
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