2023-11-18 18:20:04
LONDON ∙ Chancellor Jeremy Hunt’s Autumn Statement to be presented to Parliament next week has hinted that he may allow concessions on Inheritance Tax and Business Tax. Although no policy decision has been made in this regard, the chancellor was not ready to reject the conclusions of the economists in the last day’s BBC interview.
The threshold for inheritance tax is currently £325,000. This means that parents will pay £325,000 less on the house they pass on to their children, leaving 40 per cent inheritance tax on the remainder. Reports suggest that this amount might be increased from £325,000 to £500,000. There are those who see the possibility of exempting the property transferred to the wife, husband or civil partner from inheritance tax. According to reports, the properties earmarked for charities may also be completely exempted from tax consideration.
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