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New inheritance tax laws good news for couples says Higgs lawyer
Article date: 22/03/2013
A leading private client lawyer says that new inheritance tax laws, which come into effect from 6 April 2013, will be good news for some couples living in the region.
Peter Gosling, head of Higgs & Sons' wealth preservation team, says that the law will soon change for people with non-UK domiciled spouses or civil partners.
"Every individual has a tax free inheritance tax allowance of £325,000 (the nil rate band), but after that, the exemption on a gift to a non domiciled spouse or civil partner is limited to £55,000. 40% inheritance tax would be payable on any excess. By contrast, all transfers between UK domiciled spouses or civil partners are completely exempt," explains Peter.
"From 6 April 2013, the £55,000 limit will increase to £325,000, meaning that up to £650,000 can be left free of tax to a non-UK domiciled spouse or civil partner. This will significantly assist many couples."
The changes only apply for inheritance tax purposes, with income tax and capital gains tax liabilities unaffected.
Higgs' private client team is one of the largest in the Midlands. To find out how they can help you plan for the future, call Peter on 0845 111 5050 or email email@example.com.