Stroud & Swindon: House prices beating IHT threshold
www.moneynews.co.uk > Housing market > Stroud & Swindon: House prices beating IHT threshold
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Money News |
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Stroud & Swindon: House prices beating IHT threshold
Wed 11th Oct 2006
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If current property price growth levels continue alongside the increase in IHT threshold, then the building society reports that the average UK homeowner would have to pay the tax in eight years' time.
The nil rate IHT band is set at £285,000 at the moment so an average yearly property price rise of 9.5 per cent, allied to an average annual rise in the IHT threshold of three per cent, means that people are liable for IHT sooner every year.
Paul Chafer, sales director at Stroud & Swindon, stated: "When consumers have already been paying tax on their income their whole lives, [it] seems a completely unjustified penalty."
Mr Chafer went on to recommend that individuals search for independent financial advice in order to be prepared in any eventuality.
Although London is witnessing the greatest increases in house prices, other parts of Britain will also be affected eventually, should the IHT threshold increase remain behind that of property prices.
Stroud & Swindon is the UK's 15th largest building society and has 22 branches across England.
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