Page 9 - Budget 2021
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However, IHT reform may still be on the agenda, perhaps in the Autumn Budget. With calls for wealth tax growing,
restructuring IHT is one way to address the same issue without creating a new tax regime.
As is often the case with ‘simplification’, the OTS proposals would have created winners as well as losers. Given that
there has now been what looks like a delay, if IHT is a concern to you, then it would be wise to seek advice on which
category you might fall into.
Will Review
A year ago, the start of the pandemic created a sudden awareness of the importance of having an up-to-date Will, just
as Lockdown 1.0 made it difficult to create one. If you still have not updated your Will or do not have one, remember
the lesson of last Spring and sort matters out now before the unexpected urgency arrives.
PLANNING POINT
If you are making an annual exemption gift by way of a cheque, remember that legally the gift is only made
once the cheque is cleared. Thursday April 1 is the final banking day of the 2020/21 tax year.
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