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.
This story is from the October 19, 2024 edition of The Independent.
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This story is from the October 19, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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