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.
