Increased Spousal Inheritance Tax Exemption

The inequity of interspouse transfers for Inheritance Tax (IHT) in the U.K. whereby the U.K.domiciled husband/wife transferring assets to their non-domiciled spouse which was previously restricted to GBP55K in a lifetime, is to be increased shortly to GBP325K. This is good news because now the U.K. domicile spouse can transfer GBP650K (includes the nil rate band GBP325K also) BUT this does still mean anything over GBP650K transferred in lifetime or on death will be subject to IHT up to 40%. Thereare still ways round this. For more information contact me or check out the HMRC statement at:

http://www.hmrc.gov.uk/tiin/2012/tiin784.pdf