Inheritance tax suitability – MP insists ‘it is not quite as large an issue’ as thought

Inheritance tax suitability – MP insists ‘it is not quite as large an issue’ as thought

“The current threshold of up to £1million for a qualifying married couple or civil partnership means that 96 percent of all estates in 2020-21 are forecast to be able to pass on their assets without any inheritance tax liability.

“Any reform or simplification of inheritance tax would be considered as part of the usual Budget process.”

However, Sir Edward Leigh, the Conservative MP for Gainsborough, was clearly not convinced by this and he questioned Mr Norman on the government’s choices, especially considering certain commitments promised in recent years: “When are we going to fulfil numerous promises made as long ago as before the 2010 election, by George Osborne, to help middle-class people pass on more of their property to the young?

READ MORE: Inheritance Tax UK: Tax could be first to rise after lockdown

Published at Tue, 07 Jul 2020 22:09:07 +0000