Who pays inheritance tax and how much as Rachel Reeves announces two major reforms
manchestereveningnews.co.ukChancellor Rachel Reeves announced some big changes to inheritance tax as part of the Autumn Budget this afternoon. The Labour chancellor plans to raise billions of pounds with a 'death tax' shake up by introducing two major reforms.
Inheritance tax may need to be paid on someone's estate after they have passed away. A person's estate includes their property, money and possessions. READ MORE: Sixteen highlights from Rachel Reeves' Budget 2024 including wage rise and new vape tax The tax is only paid by a small proportion of people.
Currently around 4 per cent of deaths result in a payment. Here's everything you need to know about who pays inheritance tax, how much it is and the changes that have been announced today.
Inheritance tax may need to be paid on someone's estate if it is worth more than £325,000. It is only paid on the part of the estate that is above the threshold, so that means everyone has a tax-free allowance of £325,000.
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