Inheritance Tax: Cohabiting Siblings - Question

Part of the debate – in the House of Lords at 12:19 pm on 10th February 2021.

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Photo of Baroness Penn Baroness Penn Baroness in Waiting (HM Household) (Whip) 12:19 pm, 10th February 2021

I remind noble Lords of the context that each individual can pass on at least £325,000 without any inheritance tax charge. That is well above the average house price in the UK. For those who are affected, there are also provisions where it is possible to have 10 years to pay off inheritance tax in instalments if the estate contains a house that is unsold.