Inheritance tax concession omitted from Queen's Speech


The inheritance tax concession promised by the Conservatives before the general election was not included in yesterday's Queen's Speech.

The inheritance tax concession promised by the Conservatives before the general election – increasing the nil-rate band so that a principal residence worth up to GBP1 million would be inherited tax-free – was not included in yesterday's Queen's Speech.

However, the provision may yet appear in the second Finance Bill 2015, which will be announced on 8 July. Restrictions on pension contribution tax relief may also be in the bill.

The speech did include a Finance Bill preventing rises in income tax, VAT and national insurance. This will cover Scotland and Northern Ireland as well as England and Wales.

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