Anyone Able To Clarify New Inheritance Tax Threshold?

[Stargazer]

I live alone in a house that I own which will probably be valued at £350,000 in the next couple of years and incrementally more in subsequent years.
I cannot find any clear information as to what the raised threshold will mean to me and when and by how much my own threshold will rise. Can anyone understand this and advise me please?

[Buenchico]

Figures here:
http://www.moneysavingexpert.com/news/mortgages/2015/07/summer-budget-2015-inheritance-tax

[Hypognosis]

@Stargazer

You said you live alone but the page Buenchico linked to specifies "single", by which I assume they really mean "unmarried". Not sure how much is applicable to you and not my business to ask. I am only posting this because it's a classic case of single people being treated differently than the surviving widow/er of a marriage.

"(bold)What about single parents?(bold)

Children or grandchildren where a single parent owns the property won't receive the full inheritance tax benefits as those who are married or in a civil partnership.

Here, only properties worth up to £500,000 can be passed on completely tax-free as there is only one allowance in play, not the two that couples have."

[Mick-the-Miller]

The new Inheritance Threshold is £500k per person ie £1m per couple - of course, this only applies to direct descendants ie children/grandchildren.

[fiction-factory]

If you are a widow/er the unused spouse's allowance is added to yours.

[Hypognosis]

One in the eye for children & grandchildren of single mums, there.

[Tory]
Can't have them thriving, can we?
[/Tory]

[fiction-factory]

Is this law or politics?

[BRIGHT SPARK]

Remember its the value of the estate....not just the house.

[fiction-factory]

I think the new allowances don't take effect until 2020 though- they will rise gradually from 2017 to the 20120 level.
Single parents don't get the double allowance 'enjoyed' by a widow but do get the same allowance as a single person

[Hypognosis]

@factor_fiction

Law *is* politics.

(Especially this one).

[Peter Pedant]

damn - I dont have any children

[johnny37]

What about step children and unrelated persons? Presumably careful planning is required to either marry the step child or unrelated person or ensure the benefit is passed to a qualifying person, who can then distribute it as they wish.

This must go on already.