Business News 14 Feb 2013

Inheritance tax threshold frozen 'until at least 2019'

The inheritance tax (IHT) threshold is set to be frozen until at least April 2019 in order to fund reform of the social care system, the Government has announced.

IHT is currently payable at a rate of 40% on the proportion of an estate worth in excess of £325,000.

Before the election, Chancellor George Osborne had pledged to increase the IHT threshold to £1m, and in the 2012 Autumn Statement he announced that the threshold would rise by 1% to £329,000 with effect from 2015/16.

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