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

[d000hg]

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...

[syrio]

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

[GB9]

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.

[d000hg]

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.

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?

[syrio]

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.