Over the next 4 years the government is phasing in measures to attempt to reduce the burden of inheritance tax for most families by making it easier to pass on the family home to direct descendants without a tax charge.
Currently individuals have an inheritance tax allowance of £325,000, meaning that married couples can usually pass up to £650,000 without inheritance tax becoming payable. The new measures will mean that by 2021 a married couple who pass their family home to a direct descendant will, in most cases, be able to pass £1,000,000 without inheritance tax becoming due. There are additional provisions for those who wish to downsize without losing the benefit of these changes.
The measures begin to take effect in April 2017, meaning that it is now an important time to consider how best to pass on your assets and how to structure your Will.
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