On 8 July the Chancellor presented his Summer Budget to
Parliament. Many of the measures contained in the Budget will have
a significant impact on a range of Private Client issues and we
will be looking at these in more detail over the coming months. In
the meantime, we have summarised the key headlines below:
1. Inheritance Tax
As announced in advance of the Budget, from April 2017 there
will be an additional nil rate band available when a residence is
passed on death to a direct descendant. A 'direct
descendant' is a child (including a step-child, adopted child
or foster child) of the deceased and their lineal descendants. The
main residence nil rate band will be transferable where the second
spouse or civil partner of a couple dies on or after 6 April 2017
irrespective of when the first of the couple died.
