Inheritance Tax Act 1984 (Amendment) (Siblings) Bill [HL]

Key Points

• Proposes a specific inheritance tax exemption for transfers between siblings in defined circumstances.
• Applies only to intra-sibling transfers, not gifts to people outside the sibling relationship.
• The exemption would be added to the Inheritance Tax Act 1984 through the amendment.
• There are defined conditions that must be met for a transfer to qualify as exempt.
• Originated in the House of Lords and is currently at the second reading stage in the Lords.

Progress

The bill originated in the Lords, had its first reading on 14 January 2020, and is presently at the second reading in the Lords; no progress in the Commons is indicated from the available information.