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WILLs & Powers of Attorney
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Sep. 1, 2015

You Can Now Save Your Home from Inheritance Tax

A recent announcement by George Osborne has let couples save thousands on their Inheritance Tax.

A change in the inheritance tax allowance has made it possible for a couple to pass on their main property with a value of up to £1million to their children or grandchildren without paying any inheritance tax. This change will be in effect from April 2020 and applies only to houses left to the children. It does not apply to other family assets.

Our clients in the past have shown worries that, when they pass, their house will have to be sold to pay the tax on it. Thankfully the new allowance reduces this risk when parents pass on their houses to future generations.

For those living in London and the South where, compared to the rest of the country, house prices are higher and rising quickly, this change is particularly welcome. Most welcome is the “inheritance tax credit”, allowing an individual or couple to down-size their home in their retirements, as many plan to do, and still benefit from the tax relief on the value of the sold property.

If you have any questions or would like some further information then please do not hesitate in contacting Dean Steele, on 01722 410009.(By accepting free advice you are under no obligation to use our services).