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Article: Inheritance Tax: Darling's promise: no inheritance tax on family estates worth less than pound(s)700,000
- Article from:
- Belfast Telegraph
- Article date:
- October 10, 2007
- Author:
CopyrightCopyright 2007 Belfast Telegraph. Provided by ProQuest LLC. (Hide copyright information)
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The changes, which take effect immediately, allow married couples
and those in civil partnerships to transfer their inheritance tax
allowance - currently pound(s)300,000 - to their spouse when they
die, meaning couples will no longer pay tax on their estate unless
it is worth more than pound(s)600,000.
With the individual inheritance tax thresholds due to rise to
pound(s)350,000 in 2010, this will give couples a joint allowance of
pound(s)700,000 from the start of the next decade. The changes will
be backdated indefinitely, ensuring that widows and widowers will
also benefit. The change will cost the Treasury pound(s)1.4bn by
2010.
Alistair Darling also promised to take inflation and house ...