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The Budget 2024 and It’s Impact on IHT and Estates (Podcast)

In episode 3 we're digesting the October's 2024 budget and the changes affecting estates and inheritance tax.

Written by Matt Pinsent Marketing Operations

The 2024 Budget has introduced significant changes that will impact estate planning, inheritance tax (IHT), and succession strategies. In our latest podcast episode, we had the pleasure of speaking with Harriet Betteridge, Senior Associate at Charles Russell Speechleys, to unpack these changes and their implications.

Harriet, a seasoned expert in estate planning for high-net-worth individuals and families with overseas connections, shared valuable insights into how these changes will affect both high-net-worth estates and middle-income families. For anyone looking for more information on how inheritance tax changes from Octobers 2024 budget will impact you, listening to the podcast is a must.

Here are some of the key takeaways from the conversation:

  • Inheritance Tax Thresholds Frozen Until 2030: The nil-rate band (£325,000) and residence nil-rate band (£175,000) remain unchanged, effectively increasing the tax burden due to inflation.
  • Limits on Relief for Business and Agricultural Property: From April 2026, full relief will only apply to the first £1 million of value, with 50% relief on anything above this threshold.
  • Pensions Brought Into the IHT Net: Starting April 2027, pension pots will no longer be exempt from IHT, creating a significant shift in estate planning strategies.
  • Funding the Tax Gap: With rising tax liabilities, Harriet emphasized the growing importance of life insurance, estate planning, and alternative funding options like probate loans.
  • Harriet also stressed the importance of acting early. Whether it’s reviewing wills, updating pension nominations, or securing tax-efficient solutions, proper planning can make all the difference in minimizing financial and emotional stress for families.

💡 Need help navigating these changes?
Our team is here to support you with tailored lending solutions for inheritance tax, executor expenses, and more. Enquire today.

🎧 Watch the full podcast episode above to gain deeper insights and actionable advice from Harriet Betteridge.