Osborne eyes £1m IHT giveaway for wealthier households

clock

Parents would be able to pass a main property worth up to £1m to their children without paying any inheritance tax (IHT), under Tory plans in Treasury papers leaked ahead of Wednesday's budget.

Conservative Chancellor George Osborne's proposed measure would also reduce the inheritance tax bill on properties worth up to £2m by £140,000, the Guardian reports. The Treasury analysis said the scheme would "most likely benefit high income and wealthier households". "Those already living in the wealthiest fifth of households are most likely to receive an inheritance," the paper stated. The tax break would cost the Treasury nearly £1bn. By 2019-2020, just over 20,000 fewer estates annually would have any inheritance tax liability under the plan. A government source told the...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot