IHT relief for emergency services - sounds good, costs next to nothing
19 March 2014
John Cooney, EY personal tax partner, comments on the Chancellor’s Budget:
“What sounds like a very generous move is unlikely to cause a major dent in the Treasury’s coffers. Inheritance tax on death is only paid by those whose estate exceeds £325,000. Also transfers from the estate of one spouse to their surviving partner is IHT free and couples can access a total allowance of £650,000. With only 6% of the population paying IHT, and today’s confirmation of public sector pay restraints, there may be few in the emergency services who have estates above this level.”
For more information on the 2014 Budget, visit the EY 2014 Budget page.