IN APRIL, Britain's prime minister, David Cameron, who was then campaigning in the run up to the general election, said:
That wish to pass something on is about the most basic, human and natural instinct there is…That home that you have worked and saved for belongs to you and your family…And with the Conservatives, the tax man will not get his hands on it.
Despite being in government for the previous five years, Mr Cameron had been unable to cut inheritance tax. His coalition partners had blocked reform of the current system, of a 40% tax payable on assets worth over and above £325,000 ($507,000). But in Wednesday’s budget, Mr Cameron’s dreams may well come true, as the government will lift the middle classes from the shackles of the "death tax".
The Conservative manifesto revealed plans to create a new exemption for property, worth £175,000. It would be added to everyone’s tax-free allowance of £325,000, and the total would be transferable between couples. So under the new rules a couple with a house worth £1m would be able to pass it all, tax free to...Continue reading
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