A note from Regional Director, Sophie Dwerryhouse
Read Sophie's latest update and thoughts on the changes to inheritance tax that were announced before Christmas
I would like to start by wishing you all a very happy, and healthy New Year from myself and the CLA Midlands team.
The months before Christmas felt incredibly busy and were overshadowed, as was much of last year, by discussion about the changes to Inheritance Tax first announced in the 2024 Autumn Budget.
This topic has caused a huge amount of stress and concern for Members. However, there was some movement in the Chancellor’s most recent Budget with a minor concession allowing the £1m inheritance tax allowance to be transferred between spouses, effectively doubling it for married couples. This will help some members, but not all.
It felt like a lot happened in the week leading up to Christmas, with the treasury announcing a major uplift in the IHT threshold rising from £1m to £2.5m, or £5m for married couples.
These changes are something that the CLA has been lobbying for, with much work going on in the background. The CLA will continue to campaign against the changes to Inheritance Tax, Agricultural Property Relief and Business Property Relief.
It is also worth mentioning that if you are struggling and have concerns about your mental health, there are lots of charities across the Midlands who can offer help.
If you would like to speak to one of our advisers about any of the subjects in this article, please call the Midlands office on 01785 337001 or email midlands@cla.org.uk.
Find out more about the CLA’s lobbying on IHT here .
Find out more about Succession Insurance here.
Find out more about the CLA Midlands upcoming Succession Roadshows here.