In 2007, George Osborne proposed a £1 million limit for Inheritance Tax (IHT). This plan really caught the public’s imagination. Within weeks then Chancellor Alistair Darling doubled the threshold for couples to £600,000. Gordon Brown even reconsidered plans for a snap Autumn election.
In August 2014, Tories announce a plan to raise the IHT threshold to £2 million for families. (source: Daily Telegraph 28/08/2014 ).
Reality…. The limit of £325,000 per person or £650,000 per married couple has stayed the same since 2009. The whole of George Osborne’s tenure as Chancellor. Current guidelines have it frozen till April 2018.
“Need I say more”