The issue of inheritance tax has divided opinion for a number of years, both among politicians and the general public. Currently, the nil rate IHT threshold is £325,000 for a single person or £650,000 for a married couple, and has not changed since 2009.
Martin Pickles, technical adviser for the SimplyBiz Group, comments: “Not only has the nil rate band not increased, but there have been no recent increases in the other standard exemptions, for example, the annual exemption being £3,000 since April 6 1981 before the introduction of IHT.
“However, there has been some tinkering around the edges; the introduction of the transferable nil rate band between spouses and civil partners from October 9 2007 and, more recently, the residence nil rate band, from April 6 2017.”
SimplyBiz Group PLC (LON:SBIZ) provides compliance support and business consultancy services to financial services, legal and workplace benefits professionals in the United Kingdom.