Osborne eyes £1m IHT giveaway for wealthier households

Parents would be able to pass a main property worth up to £1m to their children without paying any inheritance tax (IHT), under Tory plans in Treasury papers leaked ahead of Wednesday's budget.

Conservative Chancellor George Osborne's proposed measure would also reduce the inheritance tax bill on properties worth up to £2m by £140,000, the Guardian reports. The Treasury analysis said the scheme would "most likely benefit high income and wealthier households". "Those already living in the wealthiest fifth of households are most likely to receive an inheritance," the paper stated. The tax break would cost the Treasury nearly £1bn. By 2019-2020, just over 20,000 fewer estates annually would have any inheritance tax liability under the plan. A government source told the...