There are a few changes to the Inheritance Tax rules coming with the Finance Bill 2013. Here is a summary of the changes.  If you have any issues please call us and we will be delighted to answer any questions.

IHT Nil Rate Band
The nil rate band has been frozen for a number of years.  It will remain at £325,000 until the end of the 2014-15 tax year. The rate will then increase by 1% to £329,000.

IHT for Non-Domiciled Spouses
The limit on gifts to non-domiciled spouses will increase in line with the IHT nil rate band.  it will be possible for non-domiciled spouses with a UK domiciled spouse to elect for UK domicile for IHT purposes.