{"id":22,"date":"2015-04-05T15:15:00","date_gmt":"2015-04-05T14:15:00","guid":{"rendered":"http:\/\/test.firstclasswills.co.uk\/?p=22"},"modified":"2020-05-04T15:03:41","modified_gmt":"2020-05-04T14:03:41","slug":"budget-changes-2015","status":"publish","type":"post","link":"https:\/\/osmondswills.co.uk\/index.php\/2015\/04\/05\/budget-changes-2015\/","title":{"rendered":"Budget Changes"},"content":{"rendered":"\n<p>A significant change to Inheritance tax allowances was announced in the Chancellor&#8217;s budget this year (2015).<\/p>\n\n\n\n<p>IHT is currently levied at a rate of 40pc on the value of an estate above the tax-free threshold, which has been frozen at \u00a3325,000 per person since 2009. Married couples and civil partners are entitled to double the allowance, passing on assets to their children or other relations worth up to \u00a3650,000 before a tax charge is triggered.<\/p>\n\n\n\n<p>How will this change? The Government will add a \u201cfamily home allowance\u201d, eventually worth \u00a3175,000 per person, to the existing \u00a3325,000 tax free allowance from April 6, 2017. This will be worth \u00a3100,000 in 2017-18, \u00a3125,000 in 2018-19, \u00a3150,000 in 2019-20, and \u00a3175,000 in 2020-21. This will allow individuals to pass on assets worth up to \u00a3500,000, including a family home, without paying any IHT at all. For married couples and civil partners, the total is \u00a31m.<\/p>\n\n\n\n<p>This additional allowance will be gradually withdrawn for estates worth more than \u00a32m.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A significant change to Inheritance tax allowances was announced in the Chancellor&#8217;s budget this year (2015). IHT is currently levied at a rate of 40pc on the value of an estate above the tax-free threshold, which has been frozen at \u00a3325,000 per person since 2009. Married couples and civil partners are entitled to double the <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"_links":{"self":[{"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/22","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=22"}],"version-history":[{"count":2,"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/22\/revisions"}],"predecessor-version":[{"id":81,"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/22\/revisions\/81"}],"wp:attachment":[{"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=22"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=22"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/osmondswills.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=22"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}