The Conservative Party’s general election victory not only lifts the threat of a mansion tax being imposed on the owners of homes worth £2m or more, it looks set to allow parents to leave homes worth up to £1m to their children without them paying inheritance tax.
In their manifesto, the Tories promised a new £175,000 per person transferable allowance for married couples and civil partners when their main residence is passed to their children. Parents could therefore pass on property worth up to £1m free of the levy.
The party has also proposed a Right to Buy scheme extension that would allow housing association tenants to buy their home at a large discount.
And all aspiring homeowners will have access to a Help to Buy Isa, which would top up £50 for every £200 saved for a deposit – this was announced in March. The Help to Buy scheme will also be extended to 2020.
Property market insiders say the result is good news for homeowners and aspiring homeowners, and the London property market is set to especially benefit.
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