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UK Government Raises Farm Inheritance Tax Threshold to £2.5 Million

Following public backlash, the inheritance tax exemption threshold for farms has been increased from £1 million to £2.5 million.

Summary

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Terms & Concepts
  • Inheritance Tax: A tax levied on the estate of a deceased person before it is passed to beneficiaries.
  • Threshold: The minimum value at which a tax or regulation begins to apply.
  • Exemption: A provision that frees certain assets or individuals from tax obligations.