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When applying for a Probate in an estate subject to Inheritance Tax, the tax needs to be paid to HMRC before you can obtain Probate, but this can often create a catch-22 situation.
The Spring Budget proposed sweeping changes to the UK’s non-domiciled (non-dom) tax regime, marking a significant shift in the fiscal landscape.
As perhaps to be expected, the Chancellor’s speech was in the main unsurprising and cautious, with provisions made to support public services, bolster the UK economy, bring down inflation and promote growth and investment.
Tomorrow’s UK budget is highly anticipated, with expectations of significant changes and potential taxation revisions. As the UK’s economic conditions evolve and post-pandemic recovery efforts continue, tomorrow’s announcements will hold great importance for the future of the country.
Currently, the Inheritance Tax rate on death is 40%. This is significant and is paid on all the assets – property, possessions and money – that you own at the date of your death, subject to certain allowances and reliefs.
