Married couples can leave £1million free of inheritance tax if they pass on a family home to children or other direct descendants.
That is because there is a valuable ‘spousal exemption’ which allows married people to leave their estate to each other free of any death duties, and any unused inheritance tax allowance too.
Couples are going to find this rule more important and beneficial than ever from next April, when unspent pensions become liable for inheritance tax like other assets such as homes, savings and investments.
Unmarried partners may well rethink whether to wed to avoid getting landed with a large bill.
Meanwhile,
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