LIVE: Chancellor Rachel Reeves delivers the 2024 Budget statement
A HUGE change to inheritance tax to close loopholes and raise £3billion has been revealed by the Chancellor today.The Chancellor has confirmed that a freeze on inheritance tax thresholds will be extended until 2030.
"That means the first £325,000 of any estate can be inherited tax-free, rising to £500,000 if the estate includes a residence passed to direct descendants, and £1million when a tax free allowance is passed to a surviving spouse or civil partner."However, the Chancellor also confirmed that she will close a loophole created by the previous government by bringing pensions into inheritance tax from April 2027.
You can also avoid paying the tax if you leave everything above the threshold to your spouse, civil partner, a The deputy Commons speaker twice cleared the chamber amid noisy protests from Labour MPs slamming the tax cuts.
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