Various houses for sale in and around Chichester and other neighbourhoods fetch varying prices, though a certain looming policy change looks to cater to a specific price-tied home buyer demographic. This change involves the increase of the inheritance tax (IHT) threshold to £500,000 per person, as announced by Chancellor George Osborne. This will soon allow owners of homes worth up to £1m to pass on their properties to their heirs without paying IHT at all, starting from April 2020. The announcement came on the heels of the initial plans revealed in the early days of July, when Chancellor Osborne was expected to raise the IHT threshold to £1m starting in 2017. In an interview with the BBC, Chancellor Osborne stated that the decision to remove family homes worth at least £1m from IHT alludes to the “basic human instinct to provide for children”.
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