Oct 9 2007
Chancellor Alistair Darling has announced the introduction of measures he claims are aimed at making inheritance tax (IHT) structures fairer for British consumers.
Mr Darling revealed in his pre-budget report that married couples and those who have entered a civil partnership can now transfer their IHT allowances.
He also made clear that widows, widowers and bereaved civil partners will be entitled to claim the same allowances under the IHT system with immediate effect.
"As a result of today's announcements the married couples' and civil partners' allowance now stands at £600,000 for this year and will rise to £700,000 in April 2010," he said.
The Council of Mortgage Lenders welcomed the news, suggesting that the measures will mean that IHT thresholds are effectively in line with the rises in house prices since 1997, when the Labour Party came to power.
