Inheritance Tax UK: These rules on property could affect your final IHT bill | Personal Finance | Finance
The amount could be substantial for many people, as coupled with the IHT threshold, it could shield their loved ones from a higher tax bill.
In the current tax year, taking into account the £325,000 threshold, couples could be exempt up to £1million.
For single people, the sum is halved to £500,000, but this is still a significant amount.
In attempts to avoid taxation for their loved ones, some people may choose to give away a home before they die.