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

My Lords, the Government understand that individuals work hard to build up their assets to pass on to their families. That is why the nil rate for inheritance tax exists and, as my noble friend has noted, exempts the vast majority of estates from paying inheritance tax. I also note that it makes an important contribution to the funding of public services in this country, equivalent to around 1p on income tax.