According to the Halifax the revenue raised by inheritance tax and stamp duty has reached a record high of £6.7billion during the last financial year.
Halifax has projected that 20 per cent of properties will be above the inheritance tax threshold by the year 2020. The Halifax has also commented that as the inheritance tax and stamp duty have not kept pace with house prices more and more people are being stung by these taxes. Stamp duty bills of more that £7500 are not uncommon.
Our view
People need to wake up, as inflation carries on rising and you expect bigger pay rises and the cost of living increases and property prices increases, Government spending will increase and likewise so will that taxes that are needed. Whilst, we may not agree with the high taxes paid in 'Rip-off Britain', they are a fact of life.