Budget 2024 live: Reeves accepts tax hikes. The budget is likely to hit workers’ wages

Reeves says he will extend the deadline inheritance tax threshold freeze for another two years until 2030.

This means the first £325,000 of any estate can be inherited tax-free, followed by up to £500,000 if the inheritance includes a residence passed on to lineal descendants, and £1 million when a tax-free allowance is passed on to a surviving spouse or a civil partner,” she said. speaks.

She will include inherited pensions in inheritance tax from April 2027, she said, adding she would reform agricultural property relief and business property relief.

From April 2026, the first £1 million of combined business and agricultural assets will continue to be free of inheritance tax at all, but for assets valued at more than £1 million, inheritance tax will apply at 50% relief at an effective rate of 20%. she says. .