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Do you love your sister, brother, and half-siblings enough to live with them and pass your estate to them? If so, then a new Bill is being proposed that may help you delay inheritance tax and plan to save inheritance tax.
With the family dynamic changing across the UK with recognition of blended families, cohabitees, stepfamilies and the unforeseeable changes in a world that is changing socially at a rapid pace, it is more likely that siblings are multi-generational.
The proposal is to allow siblings or half-siblings who live together for a period of not less than 7 years prior to the first death to give their estate to the surviving sibling free of Inheritance Tax.
There have been a few high-profile cases recently involving siblings living together in an inherited family home and not having enough funds to pay the Inheritance Tax.
There was an argument that if they were a more distant relation, they would be able to enter into a marriage or civil partnership which would provide them with the ability to pass their estate to their spouse/civil partner free of Inheritance Tax.
There are not many restrictions on who you can or cannot marry, but under English Law, you cannot marry a child, parent, grandparent or grandchild, siblings and half-siblings, and your parent’s siblings/half siblings or their children.
Watch this space for the second reading and debate at the House of Lords and keep reading our bulletins for more updates.
If you need any help with the subject of inheritance tax please contact Claire on: 01245 453835 or via email: claire.read@birkettlong.co.uk
Alternatively, if you are looking for advice with blended families please visit our family [team page] for further advice and help.
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