Partner Antoaneta Proctor reacts to the Autumn budget announcement yesterday – particularly in regard to freezing inheritance tax relief and cutting the capital gains tax allowance.
“Inheritance tax (IHT), and its predecessor taxes, were historically intended to tax only the wealthiest sectors of society. This is no longer the case. With the freezing of the nil-rate band at £325,000 since 2009 – a policy which the Chancellor has announced will now continue until April 2028 – the tax net has been cast far more widely, bringing within scope anyone who owns an averagely-priced property, particularly in London and the South-East.“
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