The Chancellor of the Exchequer, the British version of a Treasury Secretary, has announced changes to the inheritance tax threshold when it comes to family housing. The current amount needed to trigger the tax is £650,000 for a married couple but the new rules will allow for a £175,000 allowance to each spouse when a primary residence is being inherited. This change was proposed in the previous parliament but was blocked by the Liberal-Democrats who were, at the time, in coalition with the Tories.
See Svenja O’Donnell & Angelina Rascouet, Osborne Plans to Raise Inheritance Tax Threshold in Budget, Bloomberg, July 3, 2015.
