Inheritance Tax Rules 2024. The spring budget 2024, announced by the chancellor of the exchequer, jeremy hunt, introduces significant updates and changes to the uk's tax landscape, with particular focus on. Rachel reeves’ autumn budget brings a range of inheritance tax updates, including a freeze on the iht threshold, new taxation on inherited pensions, reformed.
In the current tax year, 2024/25, no inheritance tax is due on the first £325,000 of any estate, with 40% normally being charged on any amount above that. Jonathan jacobs, a partner in our private client team, provides an overview of current iht thresholds and outlines how these upcoming changes may affect individuals,.