LATEST UPDATE – SUMMER BUDGET – INHERITANCE TAX “The new allowance will be on top of the existing £325,000 threshold which will be fixed until the end of 2020-21, Mr Osborne says. Both allowances can be transferred to your spouse or partner.
The government will “taper the relief” away for estates worth more than £2 million. He says the cut in inheritance tax will be paid for by changes to the pensions tax relief to the highest earners. “No more inheritance tax on family homes. Aspiration supported,” he says. – BBC.CO.UK