Will George Osbourne reform Inheritance Tax?

This week, the Sunday Express reported that the Chancellor may consider cutting Inheritance Tax (IHT) in Wednesday's Budget (http://www.express.co.uk/news/politics/564055/Inheritance-tax-cut-George-Osborne-Budget-plans-reform-death-duty).This is not new territory for the Conservative Party, who have long hinted at their opposition to a tax they consider to penalise family-home owners.

IHT is a tax that affects an individual capital assets on death. Currently individuals have a tax-free allowance (or nil-rate band of £325,000). The last major change to the tax was introduced in 2007 when it became possible for spouses to transfer unused allowances, effectively giving married couples a tax-free bubble of £650,000 on the second death.

We will post a new blog again on Wednesday 18th March with news of any changes.