Inheritance tax thresholds are rising thanks to the introduction of the residence threshold last year. This will continue to rise to give married couples a £1m threshold by 2020-21.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3935", "label" : {"_value" : "Biography information for Mel Stride"} } , "answeringMemberConstituency" : {"_value" : "Central Devon"} , "answeringMemberPrinted" : {"_value" : "Mel Stride"} , "dateOfAnswer" : {"_value" : "2018-06-11", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-06-11T16:19:03.697Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2018-06-01", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Inheritance Tax"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, whether he plans to review the thresholds on inheritance tax.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4478", "label" : {"_value" : "Biography information for Royston Smith"} } , "tablingMemberConstituency" : {"_value" : "Southampton, Itchen"} , "tablingMemberPrinted" : [{"_value" : "Royston Smith"} ], "uin" : "148947"} , {"_about" : "http://data.parliament.uk/resources/850040", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/850040/answer", "answerText" : {"_value" : "
The latest inheritance tax receipts forecasts for 2017/18 to 2022/23 are published in Table 4.6 of the Office for Budget Responsibility\u2019s Economic and Fiscal Outlook publication at:<\/p>
Year<\/p><\/td> | 2017/ 18<\/p><\/td> | 2018/ 19<\/p><\/td> | 2019/ 20<\/p><\/td> | 2020/ 21<\/p><\/td> | 2021/ 22<\/p><\/td><\/tr> |
Estimated number of estates benefitting from the residence nil-rate band phased in from 2017 (000s)<\/p><\/td> | 30<\/p><\/td> | 31<\/p><\/td> | 32<\/p><\/td> | 34<\/p><\/td> | 36<\/p><\/td><\/tr><\/tbody><\/table> <\/p> <\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3935", "label" : {"_value" : "Biography information for Mel Stride"} } , "answeringMemberConstituency" : {"_value" : "Central Devon"} , "answeringMemberPrinted" : {"_value" : "Mel Stride"} , "dateOfAnswer" : {"_value" : "2018-03-06", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-03-06T16:14:29.703Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2018-02-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Inheritance Tax"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, what recent estimate he has made of how many people and estates will benefit as a result of the changes to inheritance tax thresholds announced in Budget 2015 in the (a) 2017-18, (b) 2018-19, (c) 2019-20 and (d) 2020-21 fiscal year.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4031", "label" : {"_value" : "Biography information for Rachel Reeves"} } , "tablingMemberConstituency" : {"_value" : "Leeds West"} , "tablingMemberPrinted" : [{"_value" : "Rachel Reeves"} ], "uin" : "129610"} , {"_about" : "http://data.parliament.uk/resources/748056", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/748056/answer", "answerText" : {"_value" : " UK banks\u2019 and building societies\u2019 treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles of Business. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers, including those who have recently suffered a bereavement.<\/p> <\/p> The Government is supportive of industry efforts to improve handling of these sensitive cases, including the implementation of the British Bankers\u2019 Association\u2019s Bereavement Principles. These Principles commit firms to support customers and, in particular, allow necessary payments to be made from the deceased\u2019s accounts. Such payments include inheritance tax, which can be paid directly to HM Revenue and Customs, before probate is granted, through the Direct Payment Scheme. Where lower amounts are held, the Principles also commit firms to consider whether they can waive probate requirements and release funds more quickly.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3935", "label" : {"_value" : "Biography information for Mel Stride"} } , "answeringMemberConstituency" : {"_value" : "Central Devon"} , "answeringMemberPrinted" : {"_value" : "Mel Stride"} , "dateOfAnswer" : {"_value" : "2017-07-12", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2017-07-12T12:39:47.787Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2017-07-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Inheritance Tax"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, what steps he is taking to encourage more financial institutions, including those based overseas, to provide support to executors and administrators of estates, including with regard to making the deceased's liquid assets available for the payment of inheritance tax prior to the grant of probate in line with the 2016 Bereavement Principles.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4520", "label" : {"_value" : "Biography information for Matthew Pennycook"} } , "tablingMemberConstituency" : {"_value" : "Greenwich and Woolwich"} , "tablingMemberPrinted" : [{"_value" : "Matthew Pennycook"} ], "uin" : "2724"} , {"_about" : "http://data.parliament.uk/resources/694193", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/694193/answer", "answerText" : {"_value" : " At Summer Budget 2015, the Government announced the introduction of a new \u2018residence nil rate band\u2019 for inheritance tax when a home is passed on death to a direct descendent. It will start at £100,000 in 2017-18, increasing in £25,000 increments to £175,000 in 2020-21. This, in addition to the existing nil rate band of £325,000, will increase the inheritance tax free threshold to £500,000 for many individuals, and up to £1 million for many married couples and civil partners by 2020-21.<\/p> <\/p> |