Property News

Monday, August 07, 2006

More paying Inheritance Tax

There has been a 72% increase in people paying inheritance tax compared to 5 years ago, according to Halifax. Inheritance tax is charged at 40 per cent of all assets passed on once the initial £285,000 exemption is used up.

Many feel that the current inheritance tax threshold of £285,000 is too low especially with current house prices continuing to rise has meant many families paying more and more to the Treasury. Tim Crawford, Halifax's economist, is calling on the government " to raise the inheritance tax threshold to £430,000 to account for the increase in property prices over the past ten years."

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