Changes to Inheritance Tax in the 2015 Budget

Inheritance Tax is charged on the transfer of property passing on death (chargeable transfers) subject to various exemptions and reliefs, notably for certain business and agricultural property. It is also levied on certain lifetime gifts. In the UK, death taxes were first introduced in 1796 to finance the war against Napoleon, but inheritance tax as we know it was implemented in 1986 and has gone through several changes since then. The current situation is that inheritance tax is not payable on the first £325,000 of your estate when you die.  It is then payable at 40% of everything above that
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What can we expect from a Conservative Government following the General Election?

This week we are taking a look at the key pledges made by the Conservative party and what we can expect from them in the next five years, a lot of which was included in the recent Queen’s speech (May 2015). They have promised to: Increase the Inheritance Tax threshold on family homes to £1 million by 2017. There are promises of a new transferable allowance of £175,000 per person for married couples and civil partners when their main residence is passed down to children on death – this will come on top of the existing £325,000 tax free allowance
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