They say that they will fund these changes by putting restrictions on pension tax relief for those earning more than £150,000. The changes would mean that the annual allowances for savings would be tiered on earnings between £150,000 and £210,000, with those earning £210,000 seeing their annual allowance cut from £40,000 to £10,000.
But David Cameron said “the individual Inheritance Tax threshold will be raised from £325,000 to £500,000 when property is included, giving married couples a shared £1m threshold.” Cameron said: “We will take the family home out of inheritance tax. That home that you have worked and saved for belongs to you and your family. You should be able to pass it on to your children. And with the Conservatives, the taxman will not get his hands on it.”
The Conservatives pledged to raise the limit to £1m in their 2010 manifesto, a move blocked by the Liberal Democrats in coalition. Labour also plans to reduce pension tax relief for those earning over £150,000. Whether these potential changes affect you or not our IFA’s at Enable are happy to talk you through the implications of Inheritance Tax and help you maximise your financial plans for you and your family.
Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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