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inheritance tax solicitors sheffield

Inheritance Tax threshold increased in budget 2015

July 2015

The budget today outlined changes to reduce the number of estates liable to Inheritance Tax.

From April 2017 if an individual passes their house to a direct descendant, such as a child or a grandchild, the first £100,000 of the value of the property will be exempt from Inheritance Tax.

This exemption will increase to £175,000 by 2020/2021 and is in addition to the current tax free amount of £325,000. The exemption may also be claimed where an individual downsizes or ceases to own a home on or after 8 July 2015.

For advice on how this could affect you and other estate planning issues ring one of the solicitors on the phone numbers at the top of the page.

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