Chancellor George Osborne
Changes to inheritance tax reliefs are long overdue and should be included in next week's Budget, a tax adviser says.
Carol Cummins, a senior associate for tax advice at law firm Clarke Willmott, called for Chancellor George Osborne to make inflationary corrections to inheritance tax rules.
She said: "We would like to see some long overdue adjustments in inheritance tax reliefs.
"We have recently had the increase in the non domiciled spouse exemption from £55,000 to £325,000 which was a welcome change to the exemption that had been static since 1982.
"However the £3,000 annual gift exemption has been at the same level since 1981 and the relief for gifts on occasion of marriage have been at the same
levels since 1984.
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"If the annual gift exemption of £3,000 had kept pace with inflation it would now be worth £9,751.
"£5,000 may have paid for a child's wedding in 1984 but with inflation this allowance should be £13,626."
The Budget will be announced next Wednesday.
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