In a nutshell, everything remains the same. Following the release of Budget 2022, the 3 main thresholds remain as they were, as does the rate of tax payable on any amounts inherited in excess of the thresholds. The rate of tax payable stays at 33%.

Given the rapidly rising values in many asset classes – property etc., one could be forgiven for hoping that there would be an increase in the tax free thresholds to allow for at least passing your estate on to your children – even if they were brought back to the higher amounts from some years ago, but unfortunately, they have stayed the same. It would seem like an easy target for the Government – Look relatively generous by not reducing the thresholds and not increasing the rate of tax payable, but no doubt given the rise in property values in particular, this could prove to be quite the windfall for the powers that be.