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UK's Inheritance Tax Freezes and New Rules for Non-Domiciles Spark Debate

2 hours ago

UK's Inheritance Tax Freezes and New Rules for Non-Domiciles Spark Debate
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7 Highlights

  • Chancellor reveals UK inheritance tax policy changes in Autumn 2024 Budget.
  • Inheritance tax thresholds frozen from 2028 to 2030 to stabilize revenues.
    • Agricultural and business reliefs adjusted, with a cap from April 2026.
    • Non-doms face potential taxes on overseas assets after ten years in the UK.
    • Only 6% of UK estates, targeting wealthiest, are subject to inheritance tax.
    • Gifts over £60k taxable if donor dies within seven years, closing a loophole.
    • Taxes aim to reduce £22 billion deficit while supporting small farms.
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