Upcoming changes over the next few years to the inheritance tax rules could potentially affect thousands of families and increase the amount of tax they will need to pay.
Many of these amendments will impact those who have non-domiciled status; this is often referred to as non-doms. Anyone who falls into this category is encouraged to contact solicitors in North Wales to seek advice in advance of these amendments.
For those who are classed as non-doms, they could find that their foreign assets are subject to inheritance tax when previously they were exempt. New rulings will determine that the amount of inheritance tax individuals are liable for will be dependent on their residency status. The potential changes that could occur could include the introduction of Long-Term Resident rules which means that anyone living in the UK for ten years or more will need to pay inheritance tax on all of the estate even those parts which are located abroad.
Solicitors in Porthmadog can also advise those who are involved in the agricultural sector. These new changes will impact those families who wish to pass on farms and similar property as any assets worth more than one million pounds will be subject to a 20% tax rate. Longer term, it is expected that defined contribution pension schemes will be taken into account when inheritance tax is calculated.
Talk to one of our experts at Bennett Smith Solicitors today and ask for help to prepare you for the upcoming changes to inheritance tax rules.
