Inheritance Tax

HM Treasury written question – answered on 16th June 2015.

Alert me about debates like this

Photo of Laurence Robertson Laurence Robertson Conservative, Tewkesbury

To ask Mr Chancellor of the Exchequer, how he plans to take (a) widows and widowers and (b) other people out of inheritance tax where the family home is the main asset; and if he will make a statement.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

The Government has commitment to take the family home out of inheritance tax for all but the richest with a new transferable main residence allowance of £175,000 per individual in addition to the inheritance tax nil-rate band, which is currently set at £325,000 for individuals.

This creates an effective £500,000 inheritance tax threshold for individuals in certain circumstances. Any unused main residence allowance or nil-rate band for each individual would be transferred to their surviving spouse or civil partner, which is in line with existing principles and means the effective inheritance tax threshold will rise to £1 million in certain circumstances once the policy is introduced.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.