Conservatives may Raise Inheritance Tax Threshold to £1m
The hugely unpopular “death tax” may be overhauled, making it fairer for those living down south, and ensuring that wealthier people won’t be the only ones to benefit.
The current one-size-fits-all policy means that those living in areas with higher valued houses are paying much more inheritance tax, as higher house prices often push their total worth up to £1m.
While some are completely opposed to all types of inheritance tax, by exempting the main home from inheritance tax, it can no longer be argued that people are being hit with the higher inheritance tax threshold simply because of where they live and work.
For those whose main asset is their home, these changes would come as a welcome relief, while the wealthy who have investments, multiple properties, and business assets still have many opportunities to avoid the tax legitimately.
Not only would this lead to a fairer situation for those who own property in the UK, but it would also enable the Conservatives to be able to keep their promise of increasing the nil-rate band to £1m.