Houses prices rising mean many normal families are now liable for Inheritance tax as an average house is above £350k. Raise the tax threshold to £1 million to reduce the tax burden on estates, and make it easier for family homes to be passed on without any inheritance tax.
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Many ordinary people are deprived of the ability to leave their families the assets accumulated by hard work, without being hit by inheritance tax.
Successive governments have failed to index inheritance tax thresholds, resulting in relatively modest estates falling victim to this tax.
IHT is taxing assets and savings where the deceased will already have paid tax.
We believe the threshold should be significantly increased to reduce the tax burden on inheritance.