Under current rules the entire estate of a person can be left free of the death duty to their spouse in what is the largest exemption on the books.
Businesses, farmland, pensions and family homes worth up to £1million are also tax free but are all under threat as the Chancellor prepares to grab billions from taxpayers.
Sarah Coles, head of Personal Finance at Hargreaves Lansdown, said: "We understand that it is the exemptions to inheritance tax that are being most closely looked at. The largest of these is the spousal exemption. The figures show £15.5billion was transferred tax-free to spouses and civil partners during 2020-21.
"This makes it the largest IHT tax break on the books and a very tempting target for the Chancellor as even a small reduction in this exemption has the potential to raise a lot of revenue.
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