The House of Lords will soon decide whether to grant the taxpayers in McCall v Special Commissioners leave to appeal against their defeat in February at that hearing the Court of Appeal upheld the Special Commissioners’ ruling last year that agricultural land let in conacre (seasonal grazing) is not eligible for business property relief from inheritance tax. About 30 per cent of Northern Ireland’s farmland is let in conacre.
Darling is NOT being generous by increasing the ISA limit for older people - he is simply offering a small breadcrumb (tax relief on interest) as a hook to capture Inheritance Tax at 40% (or more) from those unlucky enough to die holding an IHT inefficient ISA.
Over 60 you should start to consider saving 40% IHT rather than a few pence of income tax on almost no interest - I am not suggesting abandoning ISA’s totally, but looking at a more balanced picture of their tax effeciency - especially in these times of low interest.
Steve
Check out www.IFAbonus.co.uk and www.APWW.co.uk/FA.htmYou may also be interested to know that you can have sponsored copies of Inheritance Tax Secrets for your own clients as a viral marketing gift. Steve
As the author of Inheritance Tax Secrets, I am always looking out for tips and pitfalls to add to the book (which you are MOST welcome to purchase for a modest £14.95 from our home page - value is guaranteed or your money back!) Reading this blog is not an alternative, but it will help you stay up to date if you own the book. SteveStephen Pett, Author www.Inheritance-Tax-Secrets.co.uk