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You will want to make sure you can pass your assets down to your family (Image: GETTY IMAGES)<\/p>\n
In the coming years, more and more families will be impacted by Inheritance Tax<\/a> changes. Some rules are changing, while others are staying frozen, meaning that more people could unintentionally fall into the IHT<\/a> net. Marc Perry, LV= Consumer Finance Expert, has provided some tips to help with Inheritance Tax changes.<\/p>\n The expert has broken down what the changes could mean for you and your family. Marc says there\u2019s \u201cno need to panic\u201d but understanding how you\u2019ll be impacted is crucial. With some simple planning and a clear understanding of what is changing, you can ensure you\u2019ll be able to pass down your assets to your family.<\/p>\n There are several changes incoming in the next few years, with some already implemented (Image: GETTY IMAGES)<\/p>\n READ MORE: Major HMRC change will ‘improve transparency’ as Brits\u2019 benefits checked <\/a><\/p>\n READ MORE: \u2018Best\u2019 savings account to open in April – pays 4.78% <\/a><\/p>\n Why is inheritance tax affecting more people?<\/p>\n One big reason IHT<\/a> is becoming an issue for more people is that the main tax-free allowances are expected to stay frozen until at least 2031.<\/p>\n As property values, savings and investments continue to rise, it\u2019s easier than ever for an estate to cross the tax threshold \u2013 even for those who may not consider themselves as wealthy.<\/p>\n At the same time, the Government is making changes to how certain assets are taxed, which may catch some people by surprise.<\/p>\n There will be a major change ahead for pensions and inheritance tax which is one of the most significant updates.<\/p>\n From April 6 2027, most pension savings will start being included in a person\u2019s estate for IHT when they die. For years, pensions were exempt, so this marks a major shift in the rules.<\/p>\n There are some exceptions – these include:<\/p>\n Certain workplace death benefits<\/p>\n Even so, pensions will now need to be considered alongside other assets when planning how to pass wealth on.<\/p>\n There will also be changes to how business<\/a> assets are treated. From April 6 2026, the rules around passing on business and farm assets will tightened. Currently, many of these assets can be passed on without being subject to inheritance tax.<\/p>\n Some smaller company shares will also receive less tax relief<\/p>\n There is a helpful adjustment, though: married couples and civil partners will be able to use any unused allowance from their spouse, which could help to soften the impact for some families<\/p>\n Inheritance tax planning doesn\u2019t need to mean drastic changes. Often, small, sensible actions \u2013 reviewed regularly \u2013 make the biggest difference, LV=<\/a> says.<\/p>\n It adds that professional advice can be invaluable and a qualified financial adviser can help you to understand the rules and avoid decisions that could cause problems later.<\/p>\n<\/p>\n The government are making changes to how certain assets are taxed (Image: GETTY IMAGES)<\/p>\n LV have provided five small steps that could help:<\/p>\n Gifting money during your lifetime<\/p>\n Where the income isn\u2019t needed to support personal lifestyles, some people may choose to take pension income earlier and to gift their money to loved ones while they\u2019re alive.<\/p>\n Remember the \u201cseven-year rule\u201d \u2013 gifts usually need to be made at least seven years before death to fall outside IHT.<\/p>\n Making use of small annual allowances<\/p>\n The \u00a33,000 annual gifting allowance lets people gradually reduce the size of their estate without affecting their everyday finances<\/a>.<\/p>\n There\u2019s also a small gifts allowance, which allows people to gift up to \u00a3250 per person each tax year, completely free of Inheritance Tax.<\/p>\n Just keep in mind that the small gift allowance can\u2019t be used if someone has already received part of your \u00a33,000 annual allowance.<\/p>\n Keeping access to funds while reducing IHT<\/p>\n There are some arrangements that allow people to keep access to their money while ensuring any future growth sits outside your estate.<\/p>\n Considering Equity Release<\/p>\n![\"IHT](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/IHT-6853141.jpg\" "\\"IHT")
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