Here is everything you need to know about UK inheritance tax ahead of reported changes in Labour's upcoming 2024 autumn Budget.
Changes to inheritance tax may be coming in Wednesday’s Budget announcement Sir Keir Starmer’s Labour government is preparing to unveil its first Budget on Wednesday, and changes to inheritance tax are expected to play a role. The tax doesn’t raise much for the Treasury – around £7.5 billion most recently, or 0.3% of national income – and Chancellor Rachel Reeves may be tempted to push that a little higher.
Chancellor Rachel Reeves says she needs to make tough decisions to ‘fix the foundations’ in her Budget On top of that, you can pass on any unused inheritance tax allowance to your spouse or civil partner. So if a husband and wife have £1 million in assets between them and the husband leaves everything to his spouse – using his full £500,000 allowance – then she will be able to leave that £1 million estate to the kids tax-free, as his allowance will be added to her own.
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