New law to save families being forced from homes by unaffordable inheritance tax bills
Sky-high tax bills are tearing siblings' homes apart
Adult siblings living under the same roof are rallying round a proposed change in the law that would stop them being forced out of their homes by unaffordable inheritance tax (IHT) bills when one of them dies.
Members of the House of Lords are preparing to debate a bill, introduced by Conservative peer Lord Lexden last week, that would hand siblings who live together similar tax breaks on death duties enjoyed by married couples and civil partners. It proposes amending the rules to make transfers between siblings exempt in certain circumstances.
The exemption would only be extended to siblings who have lived together for at least seven years, although little detail on the bill has been made public and a date for a second hearing – the main opportunity to debate a bill – is yet to be announced.
Watch this space