George F White reaction to budget announcement
Our Managing Partner, Robyn Peat gives his reaction to today’s budget announcement.
Following today’s Budget announcement I welcome a number of actions from the Conservatives first Budget in almost 20 years. One of the biggest shake ups announced is the action on the inheritance tax system, meaning that a couple can hand a £1m estate onto their children without being taxed for the privilege, will only lead to positives changes in the property market and for families across the region.
As a business, we have a dedicated Land and Farms team who can assist in the sale or purchase of farms, estates and agricultural land. It is common for farms and estates to be worth substantially over the previous threshold value and therefore there is the potential for very large tax bills on death. As a managing partner, I understand the issues farming families have faced when circumstances like this have occurred. The Budget can only be welcomed by farmers and landowners within the region who will be able to downsize their property without fear of their children missing out on the inheritance tax break promised by the Conservatives.
To find out more about the changes to IHT click here.