Budget 2013: video – inheritance tax shock for entrepreneurs and non-doms

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Borrowings secured against properties reduce their value for inheritance tax purposes, with only the net value being taxable. Damian Bloom, Private Client partner discusses new restrictions on the set-off of debts, if the borrowed money is used to buy assets which qualify for inheritance tax relief, or is taken offshore by a non-UK domiciled individual. This will have a significant impact on entrepreneurs using their houses as security for borrowings used in their businesses, as well as non-domiciliaries putting in place inheritance tax planning.

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