2015 Summer Budget

There has been a lot of positive press around Chancellor of the Exchequer George Osborne’s first budget of the new Tory-majority government. For all but the wealthiest, the family home will be taken out of Inheritance Tax, with a new transferable nil-rate band of up to £175,000 per estate, when a main residence is passed to direct descendants: This extra nil-rate band is in addition to the existing nil-rate band of £325,000, which has been frozen until April 2021. As with the existing nil-rate band, any unused additional nil rate band can be transferred to a surviving spouse or civil partner, meaning the effective inheritance tax threshold will be £1 million per couple.