article_snippet: its was also claimed last night that owners of homes worth up to £1million will be able to pass owners of homes worth up to £1million on to owners of homes worth up to £1million children tax-free under plans drawn up by the Chancellor.
article_snippet: According to Treasury papers leaked to The Guardian, the proposed measures would also reduce the inheritance tax bill on properties worth up to £2million by £140,000.
article_snippet: The tax break, which would mean around 20,000 fewer estates every year would have any inheritance liability, is expected to cost nearly £1billion.
article_snippet: The document, prepared for Treasury financial secretary David Gauke, added: ‘You have indicated a desire to reduce the burden of inheritance tax.
article_snippet: ‘Having considered the cost of a substantial increase in the existing nil rate band you and the Chancellor have indicated you would like instead to introduce a more targeted measure to allow the family home to be passed onto the children of deceased without it leading to an inheritance tax liability.
article_snippet: This reflects the concern raised by the public about rising house prices increasingly leading to estates with a modest house ... paying inheritance tax.
highlights_snippet: Homes worth up to £1m will be able to be inherited tax free, say insiders .
  