Significant changes to inheritance tax

You could say that the new message to be taken from the Government changes on inheritance tax is to get big, or else get out.

There were two significant changes in relation to Inheritance Tax in the budget, and both have a significant bearing on passing on the family farm.

Inheritance tax is the tax that can apply on the passing of wealth from one person to another. The tax is referred to as gift tax when assets are passed while alive, and inheritance tax when passed on a death, and is calculated in almost identical ways whether the assets are passed when alive or on a death.