Two and a half years ago, the then Chancellor George Osborne handed taxpayers a boost by announcing his intention to increase the Inheritance Tax starting pointon homes worth up to £1m, while keeping the basic Inheritance Tax allowance at the same level. However, the relief gradually reduces for estates over £2m so the extra relief will benefit far fewer people than initially thought.
Fast forward to 2017 and there remains little doubt that Inheritance Tax is here to stay, with Theresa May tabling the possibility of a further tax to pay for improved social care in the run up to the General Election. Although this didn’t materialise, the possibility of additional taxes to fund care for the elderly cannot be discounted.
So, what can you do to make sure your loved ones receive a fair share of your estate?