In this video, Simon and Ross address the growing impact of inheritance tax (IHT) and the urgent need for proactive planning, especially with significant changes on the horizon. From April 2026, undrawn pensions will be included in the taxable estate for IHT purposes, potentially leading to double taxation when combined with income tax on withdrawals. With thresholds frozen and asset values rising, more estates are falling into the IHT net, often with the family home alone using up the tax-free allowance.

Early financial and tax planning to assess exposure and explore mitigation strategies such as gifting, restructuring assets, and using tools like Family Investment Companies (FICs) to pass on future value while retaining control is crucial. The conversation also touches on more complex options like relocating to jurisdictions with no IHT, though these carry legal and practical challenges. With further tax changes expected in the next UK budget, including possible reforms to gifting rules and reliefs, individuals are encouraged to act early to protect family wealth and reduce unnecessary tax burden.

Get in touch to arrange your free initial assessment and gain clarity on your inheritance tax position.