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LATEST NEWS & EVENTS Unused IHT allowance 'can be passed to spouse'  When people die, their unused inheritance tax (IHT) allowance can be transferred to their spouse, it has been noted. In response to a reader's question, This is Money pointed out that individuals can leave a total of £325,000 before any money is taken by the state. However much of this is left after they pass away can be given to their husband or wife. When this happens, the widow or widower can have a joint allowance of up to £650,000, the article said. Once this is exceeded, the additional money will be taxed at 40 per cent, it went on to say. Before the general election last month, the Conservatives had announced plans to increase the level at which people became liable for the levy to £1 million. However, the party was forced to shelve the proposals in order to form a coalition with their partners in government the Liberal Democrats. Posted by Isobel Whitely 
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