Janna Salomi

Budget Inheritance Tax News 2024. Delivering labour's first budget for 14 years today (october 30), chancellor rachel reeves. One of the areas most affected by the budget announcements is inheritance tax (iht).

The chancellor announced a series of changes, estimated to raise £2 billion a year. According to inheritance tax rules, farmers can gift agricultural assets while they are alive, but their estate remains liable for the duties if they die within seven years of the gift.