Other key considerations
COVID-19 and geopolitical considerations have caused significant uncertainty, which will continue to unsettle the stock market, property prices and the wider economy. Anyone who has been considering lifetime gifts might find the values of the assets in question are lower, which can reduce the quantum of IHT and CGT.
Values will be easy to establish for listed investments, but for other assets a valuation will be required. For valuations to be accepted by HMRC they would need to be accurate with robust evidence to support the valuation. Now, while the markets remain unpredictable and the quantum tax is lower, could be the perfect time to consider your estate planning options.