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Expert welcomes changes to Inheritance Tax
An expert in Wills and Probate issues has welcomed Chancellor George Osborne's changes to Inheritance Tax rules, saying it will encourage more charitable giving.
Natasha Molloy, of Fentons Solicitors LLP, was speaking after the government announced a reduction in the rate of Inheritance Tax in the recent budget. "The changes will provide an incentive for those with assets over and above the Nil Rate Band - currently set at £325,000 - when leaving 10 per cent or more of their estate to charity," said Natasha.
"The additional tax break will apply to a person's estate after the deduction of all other inheritance tax exemptions and reliefs. This will in effect mean that the current 40% rate of tax will be reduced to 36%."
Natasha said although a cut in the tax was welcome, the announced change appears to be aimed at benefiting charities, rather than beneficiaries such as family members.
"The change is very much geared towards encouraging charitable giving or legacy donations for those individuals with an estate worth in excess of the Nil Rate Band," she said. "We expect further changes to be made next year, but in the meantime anyone wishing to reduce the amount of tax on their estate should ensure they consult a specialist lawyer."
The reduced Inheritance Tax rate will only apply for deaths after 6 April 2012 and full details will be set out in the Finance Bill 2012. The Government has also announced that the current inheritance tax allowance of £325,000 has been frozen until April 2015.
How can Fentons help?
Fentons Solicitors has a specialist department to help advise on issues relating to wills and probate. For further information without any obligation, contact Natasha Molloy on 0844 854 3145 or e-mail Natasha.firstname.lastname@example.org.
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