BUDGET 2014 Inheritance Tax
IHT NEWS Budget Speech 19/03/2014
The Chancellor of the Exchequer, George Osborne, presented his fith Budget to Parliament on 19 March 2014. The Budget set out the Government's intent to take further action to secure the recovery and build a more resilient economy.
He announced that the economy has been growing faster than originally predicted and expectations for growth for 2014 and 2015 have been revised upward accordingly by the Office for Budget Responsibilty. Notwithstanding this George Osborne rather ominously reminded us in no uncertain terms that the job is not yet complete, and further difficult decisions will need to be implemented in order to continue reducing the National deficit and debt.
IHT NIL RATE BAND 2014/2015
- IHT Nil Rate Band for 2014/2015 will remain frozen at £325,000. Originally the Coalition intended that the IHT Nil Rate Band was to remain frozen until 2015/2016 when an increase to £329,000 was planned. However, this increase will now NOT be implemented leaving the Inheritance Tax Nil Rate Band at its current level up to and including 2017/2018.
- The Chancellor announced that workers in the emergency services who are killed in the course of duty will be exempt from inheritance tax. This announcement effictively mirrors the similar rules for military services personnel that exempt their estate from IHT while they are on active service.
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