Homeowners with properties worth up to a value of \u00a31mn would be able to pass them on to their children without them incurring any inheritance tax, if plans drawn up by George Osborne are implemented.<\/p>\n
However, the proposed measure will not be included in the 2015 Budget after being blocked by the Liberal Democrats.<\/p>\n
The information comes following the leak of sensitive papers that also propose to reduce the inheritance tax bill on properties worth up to \u00a32mn by \u00a3140,000.<\/p>\n
Contained within the papers is an official note that acknowledges how the Chancellor\u2019s move \u201cwill generally be very popular with the public and in the media.<\/p>\n
\u201cIt will allow you to say you are exempting those with modest homes from inheritance tax (with up to \u00a31million of assets) exempted in certain circumstances.\u201d<\/p>\n
Inheritance tax is often cited as one of the most unpopular UK taxes.<\/p>\n
The proposed reform links in with public concern about rising house prices and how they increasingly result in estates, which can include a modest house, being subjected to ever-increasing amounts of inheritance tax.<\/p>\n
The Conservative party is expected to announce the move officially, as part of its election campaign.<\/p>\n
A new nil rate band would apply to the value of a family home, or other main residence, if it is transferred to a direct descendant of the deceased, including step children and adopted children.<\/p>\n
However, according to the leaked papers, other family members would not be able to benefit from the changes.<\/p>\n","protected":false},"excerpt":{"rendered":"
Homeowners with properties worth up to a value of \u00a31mn would be able to pass them on to their children without them incurring any inheritance tax, if plans drawn up by George Osborne are implemented.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/694"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=694"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/694\/revisions"}],"predecessor-version":[{"id":695,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/694\/revisions\/695"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}