Changes to the Inheritance Tax system could have far-reaching implications for homeowners
Recent post-Budget analysis may have concentrated on the U-turn over National Insurance for the self-employed, but another tax change introduced on 6 April 2017 could have far-reaching implications for homeowners.
This tax change means parents and grandparents are able to leave homes worth up to £850,000 to their children and grandchildren without them paying inheritance tax. This tax-free allowance is set to rise to £1 million by 2020. This was originally announced by George Osborne, not Philip Hammond, as part of his long-term plan to reduce the impact of Inheritance Tax (IHT) on ordinary families. But what are the thresholds, rates and allowances? Here is our guide to Inheritance Tax.
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