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SimplyBiz Group plc

How to help clients value their estate

The issue of inheritance tax has divided opinion for a number of years, both among politicians and the general public. Currently, the nil rate IHT threshold is £325,000 for a single person or £650,000 for a married couple, and has not changed since 2009.

Martin Pickles, technical adviser for the SimplyBiz Group, comments: “Not only has the nil rate band not increased, but there have been no recent increases in the other standard exemptions, for example, the annual exemption being £3,000 since April 6 1981 before the introduction of IHT.

“However, there has been some tinkering around the edges; the introduction of the transferable nil rate band between spouses and civil partners from October 9 2007 and, more recently, the residence nil rate band, from April 6 2017.”

SimplyBiz Group PLC (LON:SBIZ) provides compliance support and business consultancy services to financial services, legal and workplace benefits professionals in the United Kingdom. 

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.