You can't take it with you (but who gets what's left?)

Chancellor Rachel Reeves is reportedly planning changes to inheritance tax (IHT) in the Budget at the end of the month as she looks to raise up to £40bn from tax hikes and spending cuts.

- SALMA OUAGUIRA

While specifics remain unclear, any changes could significantly affect how much families pay on inherited properties and their financial futures. Here's everything you need to know about the potential changes and what they could mean for your family.

What is inheritance tax?

Inheritance tax is a levy applied to the estate of someone who has died, but only around 4 per cent of families end up paying it, as most estates fall below the tax threshold.

Key to this exemption is that anything left to a spouse or civil partner is not subject to inheritance tax, regardless of the estate's value. So if a deceased individual leaves their entire estate to their partner, even if valued at £10m, no inheritance tax will be charged.

However, this exemption does not extend to partners who live together but are not married or in a civil partnership.