The Summer Emergency Budget: great for couples, but…
In his first Budget of the new parliament, Chancellor George Osborne announced some new measures, including a very welcome change to Inheritance Tax (IHT).
Chancellor Osborne stated than from April 2017, every individual will be entitled to a family home allowance so they can pass on their home tax-free if the home is worth less than £1 million.
From April 2017, individuals will be able to pass on assets worth up to £500,000, including the family home, without paying any IHT. By combining their allowances, married couples can pass on £1m worth of assets.
Protecting your assets in a divorce
It’s just one of the many ways that divorce can seriously affect your finances, and also one of the prime reasons that our partner Anne Leiper offers specialist advice on financial settlements. With potentially up to £200K worth of tax at stake, it’s definitely worth taking advantage of our free 30 minute consultation to discuss your options if you and your spouse divorce.