meek Rich tory supporters shall INHERIT the Earth
First the science bit, courtesy of HMRC …
Inheritance Tax is paid if a person’s estate (their property, money and possessions) is worth more than £325,000 when they die. This is called the ‘Inheritance Tax threshold’.
Let’s turn now to average house prices in the UK:
According to data from the Land Registry, the average UK house price is £182,252
If the Conservatives win the general election, then from April 2017 parents would each be offered a further £175,000 “family home allowance” to enable them to pass property on to children tax-free after their death.
This could be added to the existing £325,000 inheritance tax threshold, bringing the total transferable tax-free allowance from both parents in a married couple or civil partnership to £1m.
The full amount would be transferable even if one spouse had died before…
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