Brexit brought sweeping changes to the cabinet including a new chancellor. But will a change in personnel herald any changes to inheritance tax?
Former chancellor, George Osborne, kept the inheritance tax threshold at £325,000 – the tax-free amount on a person’s estate before you pay 40% – for the whole of his six year tenure.
No doubt Osborne would point out that he introduced the new rule beginning next year which allows parents to leave a £1m home to their children tax-free however this measure will not be fully in force until 2020 and does not apply to childless couples.
Figures published on Friday show inheritance tax brought in a record-breaking £4.7bn for the treasury. Given this it would seem unlikely that the new chancellor, Phillip Hammond, will be in a hurry to raise the inheritance tax threshold.
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