A survey conducted by the Halifax has found that, in the 482 towns it surveyed, house prices were above the inheritance tax threshold in 48 of them. Most of these towns were in the south of the country.
Halifax is claiming that if inheritance tax does not increase to match the rate at which house prices have risen, by the year 2020, 3.5million properties will be above the inheritance tax threshold. The Halifax are asking the government to review and raise the inheritance tax threshold to £430,000, as it would allow for the price increases. It would also mean that the average working man would not be hit by the tax.
A house building company in Surrey have launched a scheme to encourage people onto the property ladder. They are selling properties at 25 per cent below the market value, with the understanding that when they sell the property, this discount will be passed onto the new buyers.
Our view
Same old news, just headline grabbing. We all know that the Treasury need to gain revenue to fund this country, at the current time, inheritance tax is part of that picture.
There are however, ways in which we can significantly reduce your tax bill. Contact us.