Posts Tagged ‘Tax Allowance’

Inheritance tax shocker: Some families will pay 80pc

Tuesday, January 3rd, 2017

Sky high: this seven-storey Georgian house is £14 million with Harrods Estates

Despite Government claims that family homes will be passed on free of inheritance tax from April, some children and grandchildren will find they are left with an 80pc tax bill. Former Chancellor George Osborne unveiled the new “residence nil rate band” which is given in addition to the usual inheritance tax allowance of £325,000 per person. From April 2017 each person will have an extra £100,000 allowance to add to the £325,000. This is set to gradually rise until the residence allowance reaches £175,000 in 2020/21, giving a total IHT-free limit of £1m for a couple.