It is important to review wills regularly to take into account, amongst other things, any changes in legislation.
Currently, UK Inheritance Tax is a domicile-based system. A government Policy Paper originally published on 29th July stated that the government intends to replace this with a new residence-based system from 6 April 2025. Another document published by the government on 31st July stated that officials will seek further feedback through a series of separate engagement sessions on Inheritance Tax with confirmation of the final design of these policies to be published at Budget.
The next Budget is due to take place on 30th October 2024.