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

Key Points

• Amends the Inheritance Tax Act 1984 to create an exemption for sibling transfers under specified conditions.
• Exemption would apply only in the circumstances laid out in the Bill.
• Could affect family tax planning and the amount of inheritance tax payable in eligible cases.
• Current status is the first reading in the House of Lords, introduced on 7 July 2022, with no further stages yet.
• If enacted, the Bill would still need passage through both Houses and Royal Assent to become law.

Progress

The Bill is at the very early stage, having had its first reading in the Lords. It has not yet progressed to committee or to the other House.