A First-tier Tribunal decision sheds new light on what counts as ‘normal expenditure’ for the Inheritance Tax exemption that allows immediate relief on lifetime gifts.
HMRC’s recently closed consultation offers further clarity on how the £1 million inheritance tax (IHT) business and agricultural relief allowance will work from 6 April 2026. The total value of business and agricultural property eligible for 100% IHT relief will be limited to £1 million. Any qualifying assets above this limit will receive relief at […]