Lamport Bassitt Solicitors - Legal News - New government 'will have to change inheritance tax plans'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS New government 'will have to change inheritance tax plans' The Conservative Party will have to rethink its plans concerning inheritance tax. As a result of its failure to secure a majority of seats in the general election, it has had to enter into a coalition with the Liberal Democrats. Under the terms of negotiations between the two parties, it has been agreed that the Tories will scrap their manifesto pledge to increase the point at which the levy kicks in to £1 million. Currently, the 40 per cent duty is payable on the value of estates worth more than £325,000. This may come as a surprise to some individuals who were expecting a Conservative victory on May 6th. It may mean that they will be encouraged to alter their plans concerning how they leave their estates. In order to minimise the amount of money they pay to the state, such people may have to be more strategic when they draw up their wills. Related Articles: 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows 25/4/2012 - Inheritance tax planning could net �450m a year in savings More Individual Legal Services News