Now that the Chancellor has announced his first Budget since May’s General Election, a few things have become clear. And many of us are likely to be affected in different ways, from income tax to benefits, from housing to savings.
Some of the headlines from Summer Budget 2015 were:
From 2017, couples can expect to see their inheritance tax threshold increase to £1 million, from the previous £650,000. It comes as part of a new ‘family home allowance’ of £175,000 added to the present £325,000 tax-free allowance, which means that if you die and leave assets worth up to £500,000, your estate won’t be charged any inheritance tax. Continue reading