Inheritance tax threshold

Inheritance tax threshold is frozen

It was gloomy news for many of us this week, when Chancellor George Osborne stated that the inheritance tax threshold will remain at £325,000 until 2015, when it is expected to be raised by by £4,000 to £329,000 – just before the next general election.
This is of course a far cry from the promised £1 million nil rate band and is a move which will see potentially hundreds of working and middle class families, with parents who own fairly modest homes, being hit in the pocket, at a time in which every penny counts.   In fact, the Treasury has calculated that this freezing of the threshold will result in an additional £80 million being paid to HMRC in inheritance tax payments between now and 2015.
A professional estate planner will be able to advise those making a will, of the best ways to minimise any inheritance tax liability which may fall due, in the event of their death.

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