The Conservatives have announced that a new transferable ‘family home allowance’ of £175,000 per person will be introduced if they win the next General Election. For a married couple, this will effectively increase the Inheritance Tax threshold to £1 million.
It will be paid for by restricting pension tax relief for those earning over £150,000, and it will come into effect in April 2017.
Karl McCartney JP, said: “The wish to pass something on is about the most basic, human and natural instinct there is.
“We’ve already done some important things. With the Conservatives, people can pass on their ISAs – and they’ll be able to pass on their pension pot tax-free. The next Conservative Government would go much further. We will take the family home out of inheritance tax.
“That home that you have worked and saved for belongs to you and your family. You should be able to pass it onto your children. And with the Conservatives, the taxman will not get his hands on it. You’ll be able to pass on up to £1 million per couple completely tax-free – providing for your children and grandchildren, and giving families across Britain more security.
“If you have worked hard and done the right thing all your life – we Conservatives back you.”
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For further information, please contact Karl McCartney JP at admin@karlmccartney.co.uk.