Some families could end up with huge bills if the wrong things are done
The new Labour Party Budget could bring about significant changes to inheritance tax, according to some predictions. Chancellor Rachel Reeves may introduce a levy payable on estates over £325,000 during her Autumn Statement.
Official data from 2021-22 shows that £15.5bn was transferred to surviving spouses and civil partners upon death – the largest IHT tax break, says Sarah Coles, head of personal finance at investment platform Hargreaves Lansdown. She further added: "If this was changed, instead of the surviving partner being able to give away up to £1m free of inheritance tax, they might be limited to £500,000.
Investment Manager Nicholas Hyett from Wealth Club adds: "Inheritance tax is an absolute cash cow for His Majesty's Revenue and Customs, which is why it remains in the spotlight ahead of next weeks' Autumn Budget.
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