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Inheritance Tax Reforms – What do you Need to Know?

Inheritance tax planning - gold eggs in nest

The Chancellor’s emergency budget back in July brought about many changes that impact future financial planning. One widely welcomed announcement was the introduction of main residence Inheritance Tax relief.

Whilst the changes to Inheritance Tax are positive on the whole, there are a number of key elements that you need to be aware of before you make any decisions.

What is the main residence Inheritance Tax relief and when will it apply from?
The new Main Residence Nil Rate Band (MRNRB) will be introduced in April 2017 at only £100,000. The band will then increase in increments each year until 2020, when the maximum £175,000 will be reached.

What is the maximum allowance?
The changes will allow a potential £1 million maximum Inheritance Tax allowance. For a married couple (or civil partners), this is made up of the existing £325,000 standard nil rate band for both spouses, plus an additional Main Residence Nil Rate Band of £175,000 for both husband and wife (or civil partners).

In order to benefit from the maximum £1 million allowance, the following conditions would need to apply to your circumstances:

  • Be married or in a civil partnership
  • Own a house worth £350,000 or more
  • Have a total estate of less than £2million
  • Die after April 2020, or your spouse must die after that, because on first death any unused nil rate band is transferred to the surviving spouse.

What if my estate is worth over £2 million?
The MRNRB will be means-tested, meaning that overall estates valued above £2million will lose £1 of their MRNRB for every £2 that their estate exceeds £2million.

Who can I pass my property on to under the rules?
The MRNRB will only apply if the property is left to direct decedents – ie. the surviving spouse or children.

As we approach later life, it’s natural to think about how we might pass an inheritance down to our children and/or family members. With the forthcoming changes to Inheritance Tax, along with the radical reforms to pensions that came into place this year, it’s now more essential than ever to seek advice in order to maximise the amount that can passed on to the next generation.

To speak to one of our financial planners about how the changes might affect you, please get in touch.

NB. The information contained within this article does not constitute financial advice.
The Financial Conduct Authority does not regulate tax advice.

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Wingwalk for BASIC


Morven has recently completed a Charity Wingwalk for BASIC (Brain and Spinal Injury Charity) based in Manchester. Morven and Gresham Wealth Management Ltd have supported the Charity for a number of years, and this was the latest event to raise awareness of the great work they do.

Well done Morven!!

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Gresham are on the Move!

The team at Gresham Wealth Management have now move to fantastic new offices in Hale. The business has also undergone a rebrand, so it is really exciting time for Morven, Jonathan and the team!

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2012 North West Chartered Financial Planner of the Year Award Winner

awardpicTRAFFORD-based financial planner Morven Millar has been named Chartered Financial Planner of the North West by local institutes.

Morven, who is a partner at Gresham Wealth Management Ltd in Sale, picked up the accolade at the recent North West Centenary Awards 2012, held to mark the Chartered Insurance Institute’s (CII) centenary anniversary of being granted a Royal Charter. Read More »

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George Osborne’s Third Budget 2012

The Chancellor of the Exchequer recently decided to focus his attention on restricting tax reliefs for higher income earners. At the core of these budgetary changes is draft legislation to reduce unlimited income tax reliefs by setting a cap of £50,000 or 25% of income, whichever is higher per tax year for individual investors.

Obviously public reaction has been negative particularly as charitable donations were previously included in the draft proposals. In an attempt to pacify voters and party donors, George Osborne reneged and has excluded charitable donations from these changes. Most of the legislative changes have been incorporated into the Financial Bill 2012 which is expected to receive Royal Assent during summer 2012. Read More »

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    Gresham Wealth Management is one of the few financial planning firms in the North West that are registered to deliver CPD training. Committed to supporting fellow professionals with their ongoing professional development and understanding of key financial planning measures, our team have delivered training to over 350 accountants and solicitors in the region. Not only do these sessions help to keep you and your team ‘in the know’ on current legislation, they also help to identify potential benefits to your firm and your clients. Get in touch with us to discuss arranging a tailor made session for you and your team.
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    One of the great risks of a partnership or limited company is that one of your colleagues may die, with their share of the business passing to someone else. That person may have little interest in the business or be unable to meet the requirements of running the business. Equally a partner or shareholder who suffers a serious illness may not want to continue in the business after treatment and look to be compensated for their exit from the business.

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    Without a personal injury trust in place, you can lose entitlement to present and future means-tested state benefits, including local authority contributions to the cost of long-term care. We offer simple, jargon free advice to check if a personal injury trust is required on receipt of a claim, generally at no cost to you.
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    Retirement Planning is a complex area which means different things to different people. How you plan for retirement can be wide and varied, but it must be planned for well in advance.

    You may have existing pension plans in place, like a company pension or personal pension plan or perhaps you’re just starting to save. Whatever your situation, Gresham Wealth Management Ltd can provide the right advice to create a retirement plan that’s tailor-made for you.

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    A very personalised service… All advice is tailored to my needs with great consideration to issues I may not have thought of myself. I feel confident about my future finances.
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