| The payment on tax on death has undergone | | | | above the Inheritance Tax threshold (currently |
| significant changes in the last couple of years. | | | | £325,000) at 40%. However, for married |
| Interestingly, Inheritance Tax, as it is known in the UK, | | | | couples or civil partnerships, if the first person dies |
| becomes one of the main focuses of attention in | | | | without using their £325000 allowance, the |
| Party Conference season. The Conservatives stole a | | | | surviving partner may use both allowances on their |
| march on the Government last year, when they | | | | death, and Inheritance Tax will only be paid on assets |
| announced that would allow the unused tax exemption | | | | over and above £650,000. |
| on the death of the first spouse to be available on the | | | | The Conservatives, had prior to Conservative Party |
| death of the second spouse. | | | | Conference yesterday, heralded a further change to |
| Previously, the only way to mitigate the full payment on | | | | Inheritance Tax, once they were in power, by taking |
| Inheritance Tax on the death of the surviving spouse | | | | out everyone other than literally millionaires. The |
| was to employ expensive and complicated trusts | | | | threshold would be increased to a £1,000,000. |
| utilising the then so called "Nil Rate Band Discretionary | | | | Yesterday's announcement by the Shadow |
| Trust." Well, lo and behold, the Labour Government | | | | Chancellor, George Osborne, appeared to suggest that |
| thought that they might be seen as an unnecessarily | | | | the alteration in the exemption in IHT would not be a |
| punitive taxing government, especially when more of | | | | priority. Political speak with the effect that these |
| Gordon Brown's "hard working "families were caught in | | | | changes may not be introduced in the next Parliament. |
| the Tax trap, and copied the Conservative's plan. | | | | As, the title to this post alludes, if you wish to save on |
| Now, the present rules are that, IHT is levied on a | | | | Tax on your Inheritance; Hold your Breath! |
| person's estate and is payable on all assets over and | | | | |