The move could result in the scrapping of the inheritance tax altogether.
Inheritance Tax is a tax on the estate, property, money and possessions of someone who has died.
Currently, inheritance tax in the UK is 40% for estates exceeding £325,000 in value, with an additional £175,000 allowance for the main residence if it is passed on to children or grandchildren.
Married couples can combine their allowances, transferring up to £1 million to their descendants without incurring any tax liability.
Among the proposals being considered is the possibility of Sunak reducing the 40% rate in the upcoming March budget, potentially setting the stage for its complete abolition in the coming years.
For more information about inheritance tax, visit www.gov.uk/inheritance-tax.
Alternatively, you can contact our wills and probate team at enquiries@kingswellwatts.co.uk or on 01924 461 236.
