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Budget 2015 Inheritance Tax Changes

Budget 2015 – How will the Inheritance Tax changes affect you?

The UK Government announced its Summer Budget 2015 last week and there were some notable changes which affect Inheritance Tax and thus Wills and Estate Planing. Our Solicitors set out briefly below those changes.

From April 2017, the government will add a ‘family home allowance’ worth £175,000 to the existing £325,000 Inheritance Tax threshold so single parents/unmarried couples will be able to pass on assets worth upto £500,000 including the family home to their children or grandchildren without paying any Inheritance Tax

For married couples and civil partners this means that they will be able to pass on assets to their children or grandchildren worth upto 1m including the family home without paying any Inheritance Tax

From July 2015, anyone who downsizes their property and dies after 2017 will still get the ‘family home allowance’ added to their allowance

It is therefore, important to get some expert advice on Inheritance Tax planning and review your Wills to ensure they are appropriate, please contact our Specialists for further advice.