With the freezing of important inheritance tax thresholds, make sure your clients know about business property relief

March saw the chancellor set out the government’s plans to support an economic recovery following Covid-19 and to help rebalance public finances over the longer term.

The Budget announced that important inheritance tax thresholds — both the nil-rate band and main residence nil-rate band — would be frozen until at least 2026.

The five-year freeze is expected to bring in £985m in extra IHT revenue. And it means more than 36,000 estates a year are expected to pay IHT by 2026, up from around 25,000 estates currently.

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