What about downsizing to a smaller property?

The new inheritance tax relief for passing on the family home is protected even when you downsize to a smaller property. For example, if a married couple currently lives in a large house worth £500,000 and downsizes to a flat worth £250,000 they could give away some of the proceeds during their lifetime and yet still benefit from inheritance tax relief based on the higher valued property. They could even sell up completely and move into a rental property and still get the inheritance tax relief!

Income tax changes for individuals

Making Tax Digital and minimum wage changes

Preparing for tougher HMRC penalties and a more digital system

Employment tax changes and how to stay compliant