Tories offer inheritance tax change

The Conservative Party has announced it would cut inheritance tax costs for millions of people across Britain and Northern Ireland by increasing the threshold to £1 million.

Shadow chancellor George Osborne announced at the Tories' conference in Blackpool that if the party got into power at the next election, it would change the government's current plans to raise the duty to £350,000 within the next five years and instead introduce a threshold of £1 million.

If such a move took place, solicitors in Belfast would see a significant change in their workload, with the amount of properties affected by inheritance tax falling by a large number.

Hargreaves Lansdowne has suggested that across Britain and Northern Ireland, the plans would result in inheritance tax requirements being removed from as many as nine million estates.

Despite significant price rises in Northern Ireland - and particularly in Belfast - in recent years, the planned changes would take many properties in the region out of the reach of the inheritance tax threshold.

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