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November budget

I may be being incredibly dense or misinterpreted what was said in the Tory manifesto of 2015, but I swore they said they were going to put inheritance tax up to £1m. I checked on HMRC and it still says £325k. Is this still going ahead or has it been canned? Couldn't see any mention of this today either?

Comments

  • I can't say it's the first thing I checked on mate.

    I won't have to worry about it.
  • I only mentioned it as it was probably the one thing I actually wanted to see come out of their manifesto.
  • cabbles said:

    I may be being incredibly dense or misinterpreted what was said in the Tory manifesto of 2015, but I swore they said they were going to put inheritance tax up to £1m. I checked on HMRC and it still says £325k. Is this still going ahead or has it been canned? Couldn't see any mention of this today either?

    It comes in in April 2017 but isn't as simple as raising the £325k to £1m.

    It's linked to property being passed on in what is called the Residence Nil Rate Band (RNRB) and the £1m is per couple.

    £325k each (which can be passed on to a surviving spouse) - so £650k in total for a couple plus an increasing RNRB =- maxes out at £175k each by 2021 - hence a total per couple of £1m.

    The property element can be passed on to spouse or children on death.

    Confused????
  • bobmunro said:

    cabbles said:

    I may be being incredibly dense or misinterpreted what was said in the Tory manifesto of 2015, but I swore they said they were going to put inheritance tax up to £1m. I checked on HMRC and it still says £325k. Is this still going ahead or has it been canned? Couldn't see any mention of this today either?

    It comes in in April 2017 but isn't as simple as raising the £325k to £1m.

    It's linked to property being passed on in what is called the Residence Nil Rate Band (RNRB) and the £1m is per couple.

    £325k each (which can be passed on to a surviving spouse) - so £650k in total for a couple plus an increasing RNRB =- maxes out at £175k each by 2021 - hence a total per couple of £1m.

    The property element can be passed on to spouse or children on death.

    Confused????
    Thanks Bob.

    Does make sense (just :wink: )
  • Check you out cabbs, less than 24 hours ago you were standing on the terraces shouting "Oo are yer" and now you are discussing the Tory manifesto. :smile:

  • cabbles said:

    bobmunro said:

    cabbles said:

    I may be being incredibly dense or misinterpreted what was said in the Tory manifesto of 2015, but I swore they said they were going to put inheritance tax up to £1m. I checked on HMRC and it still says £325k. Is this still going ahead or has it been canned? Couldn't see any mention of this today either?

    It comes in in April 2017 but isn't as simple as raising the £325k to £1m.

    It's linked to property being passed on in what is called the Residence Nil Rate Band (RNRB) and the £1m is per couple.

    £325k each (which can be passed on to a surviving spouse) - so £650k in total for a couple plus an increasing RNRB =- maxes out at £175k each by 2021 - hence a total per couple of £1m.

    The property element can be passed on to spouse or children on death.

    Confused????
    Thanks Bob.

    Does make sense (just :wink: )
    Just to add to that very well put answer. The RNRB starts at £100k and increases in £25k steps every year until 20/21 when it (currently) maxs out at £175k
  • cabbles said:

    I may be being incredibly dense or misinterpreted what was said in the Tory manifesto of 2015, but I swore they said they were going to put inheritance tax up to £1m. I checked on HMRC and it still says £325k. Is this still going ahead or has it been canned? Couldn't see any mention of this today either?

    I assume they never promised when in the Parliament it would happen anyway, and there are 3 1/2 years to go
  • Seems like a lot of stuff has been shelved, not least the tax on dying.
  • cabbles said:

    I may be being incredibly dense or misinterpreted what was said in the Tory manifesto of 2015, but I swore they said they were going to put inheritance tax up to £1m. I checked on HMRC and it still says £325k. Is this still going ahead or has it been canned? Couldn't see any mention of this today either?

    Have you bumped someone off and now you're not sure it was really worth it?
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  • November budget.

    Gone out the window with the sacking of Slade.
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