Tomorrow, the 6th April 2009, is the start of the new tax year.
In line with long-standing announcements of the government, the IHT nil-rate band will increase from £312,000.00 to £325,000.00.
An increase of £13,000.00 in the band at an IHT rate of 40% means a potential IHT saving in the new tax year of £5,200.00 for an individual and £10,400.00 for a married couple or civil partnership where the survivor is able to claim both their own and the transferable nil-rate band.
On the 6th April 2010 the nil-rate band will increase to £350,000.00 per individual.
There is little in the economy to be cheerful about at the moment but at least the burden of inheritance tax is becoming less of an issue for many people.
I agree, this is, atleast, a little bit of good news in these difficult times.
Posted by: leeds solicitors | September 16, 2009 at 01:09 PM