However, the government's proposals are not quite as generous as the headline figure would have us believe, and the legislation has left many unanswered questions.
Here is our guide to the key inheritance tax changes:
Another key development of 2015 was the introduction of new European regulations affecting those who own property abroad.
In recognition of the many people who live and work outside the country of their nationality, the new European Succession Regulation was introduced.
The general principle is to simplify those estates where two or more laws of succession previously applied, by establishing that just the law of succession governing the member state in which a person was ordinarily living at the time of their death, will apply. It is possible to opt for the law of your nationality to apply instead, if you wish.
Importantly, the UK has opted out of the European Succession Regulation. However, we are still affected and Britons with property in other EU states, for example a holiday home in France, still need to ensure that their Will makes their choice of law clear.
Despite its laudable goals, it will take time before the practical consequences of the European Succession Regulation become clear and in this most complex of areas, it remains vital to seek professional advice if you have assets in more than one country.