This "exempt your home from Inheritance Tax" thing the Tories brought in... This "exempt your home from Inheritance Tax" thing the Tories brought in...
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  1. #1

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    Default This "exempt your home from Inheritance Tax" thing the Tories brought in...

    Does anyone know how it works or have a link to it explained well? Has it already come into force? What's the proper name of the scheme, even?

    Thanks...
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    It hasn't started yet. Try googling it, there are lots of results.

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    From 6th April 2017 there is an additional £100k per person's estate provided it is against a property.

    It rises by £25k per person over the subsequent 3 years.

    For a married couple, the first death's allowance is transferable to the spouse, so when fully implemented, £350k of a property would be exempt from CGT before the standard allowance applies.

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    Quote Originally Posted by syrio View Post
    It hasn't started yet. Try googling it, there are lots of results.
    I don't know what to Google... I did try but nothing obvious came up.
    Quote Originally Posted by GB9 View Post
    From 6th April 2017 there is an additional £100k per person's estate provided it is against a property.

    It rises by £25k per person over the subsequent 3 years.

    For a married couple, the first death's allowance is transferable to the spouse, so when fully implemented, £350k of a property would be exempt from CGT before the standard allowance applies.
    I thought there was something about a £1m limit so is this the same thing or something different?
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    Quote Originally Posted by d000hg View Post
    I don't know what to Google... I did try but nothing obvious came up.
    I thought there was something about a £1m limit so is this the same thing or something different?
    Yes, it is the same thing.

    Let me google that for you.

    https://www.google.co.uk/search?q=to...nheritance+tax

    First result Inheritance tax to be scrapped on homes worth up to £1m - BBC News says.

    At present, inheritance tax is payable at 40% on the value of an estate in excess of the tax-free allowance of £325,000 per person. Married couples and civil partners can pass the allowance on to each other.

    From April 2017 parents will each be offered a further £175,000 "family home allowance" to enable them to pass property on to children tax-free after their death.

    This will be added to the existing £325,000 inheritance tax threshold, bringing the total transferable tax-free allowance from both parents in a married couple or civil partnership to £1m.

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