Inheritance tax update as Labour responds to 130,000-strong petition
The Government has issued a response to a petition signed by more than 130,000 calling for it to retain inheritance tax (IHT) relief for working farms. Chancellor Rachel Reeves set out in the Autumn Budget that inheritance tax on some agricultural and business property will increase, with the tax relief to be restricted to the first £1million worth of an estate, while the rest will get a 50 per cent relief and so will be taxed at 20 per cent.
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