New Tax Year 2024 at Alex Truesdale Wills

Financial housekeeping ahead of the new tax year

As the new tax year approaches, Alex Truesdale Wills encourages you to check your finances and asks: Have you have taken advantage of all your tax allowances this year, including your annual inheritance tax allowance?

For more information contact Alex Truesdale or  Call: 07887 946557 for any questions that you may have on Wills or your estate planning needs.

Financial housekeeping ahead of the new tax year

As the end of the 2023/24 tax year is fast approaching  – a new tax year will start on 6th April – it is worth considering whether to utilise the annual Inheritance Tax (“IHT”) allowances available to us all.

The annual gift allowance, of £3,000 per individual, can be used in gifts to one or more beneficiaries without being counted towards your estate for IHT purposes.  Furthermore, any unused portion can be carried back one year, providing an opportunity for a couple to take up to £12,000 out of their estate.   Wedding gifts of up to £5,000 in certain circumstances and small gifts of up to £250 to an unlimited number of beneficiaries are also exempt.

But this doesn’t mean that you can “only” make small gifts to a family and friends.  Provided you survive seven calendar years from the date of any gift to an individual, that gift will not be included in your estate for IHT purposes regardless of its value.  As neither this, nor the powerful  “regular expenditure out of income” exemption, has been disturbed by the recent Budget,  now is the time to ensure that you are able to take full advantage of this tax planning opportunity.

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The level above which Inheritance Tax (IHT) is payable has remained at £325,000 since 2010.  Apart from this, unless you are able to take advantage of the additional “residence nil rate band” allowance of £175,000, which is subject to a number of qualifications,  IHT is payable (at 40%) upon all your assets, as well as any gifts you made within seven years of your death.  There are several exemptions and reliefs which may be available to mitigate the impact of Inheritance Tax further.  As part of our Will writing service, we will seek to minimise your IHT liability wherever possible – although never at the expense of your wider estate planning goals.

For further strategies to minimise IHT, download our guide: 10 simple steps to mitigate Inheritance tax.

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