United Kingdom Tax Agency Issues Policy Paper on Inheritance Tax Thresholds

The United Kingdom HM Revenue and Customs Nov. 26 issued a policy paper on inheritance tax (IHT) thresholds. The proposal includes measures to fix: 1) the IHT thresholds at their current levels for the tax years up to and including 2030-2031, including fixing the nil-rate band (NRB) at 325,000 British pounds (US$432,615), the residence nil-rate band (RNRB) at 175,000 pounds (US$232,246), and the RNRB taper threshold at 2 million pounds (US$2.6 million); and 2) the combined 1 million pound (US$1.3 million) allowance for the 100 percent rate of Agricultural Property Relief (APR) and Business Property Relief (BPR) for the tax ...