Inheritance tax threshold could rise to £1m next April

Partner, Malcolm Emery comments:


"In 2007 the Conservatives promised to raise the threshold at which inheritance was payable to £1m. Despite their success in the 2010 General Election, this change did not come about as the threshold was frozen in 2009 until 2018. The current threshold is £325,000.


"With less than a year to go until the next General Election, the Conservatives may have started their pre-election promise campaign. David Cameron is pledging that parents should be able to pass on the family home to their children tax-free.


"While this is welcome news, a significant proportion of the population can already do this under existing rules. Any proposed changes are likely to benefit families living in more expensive housing areas such as London and the South East. We await the details with bated breath."


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Thrings Solicitors