We are creating digital legacies for ourselves every hour of every day. More and more of us are living our lives online, banking, shopping and socialising. We can now store information on a network of remote servers in the cloud rather than a local server. It is thought that the next generation will be truly digital.
Mr Osborne says that, “wanting to pass something onto your children is the most basic, human and natural aspiration there is" so from 2017, there will be a new £175,000 allowance on homes left to children or grandchildren, potentially allowing £1 million to be passed on to the next generation tax-free.