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

The 2024 Budget introduced significant changes that will have a major impact on 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 talk about these changes and their implications.

Harriet is an expert in estate planning and  for high-net-worth individuals and families with overseas connections. Listen in to hear some 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.
• IHT on Pensions: Starting from April 2027, pension pots will no longer be exempt from IHT. This may prompt some significant changes in estate planning.
• Funding the Tax Gap: With rising tax liabilities, Harriet emphasised the growing importance of life insurance, estate planning, and alternative funding options like probate loans.
• Harriet also stresses 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.

💡 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.