Despite a government increase of £12,000 to the Inheritance Tax threshold, HSBC have warned that it will be of little benefit to homeowners. According to figures released by HSBC, the new limit of £275,000 will be of little benefit, as the average UK homeowner is now only £37,000 away from the threshold, compared to £44,000 in 2004.
Those in the south of England will be the hardest hit by inheritance tax, due to higher property prices and house price inflation.
Our view
This is old news with HSBC just trying to headline grab. It reinforces a valid point though. Inheritance tax is a stealth tax that more of us will pay in the future rather than less.
Never forget, the people elected Labour. If you want better NHS care you have to pay higher taxes.
Learn more about Inheritance tax and how it affects you in the Inheritance Adviser.com.