Inheritance tax review could help first-time home buyers
Submitted by KeithDaniel on
A review of inheritance tax thresholds could make it easier for parents to give their children money to buy a home, fund their education or set up a business.
Currently, the maximum sum that can be gifted tax free is £3,000 a year. Any additional funds are subject to 40% inheritance tax if the donor dies within seven years of making the gift.
The threshold has been frozen since 1981, when £3,000 would have been enough for a deposit on the average home.