Households meeting IHT threshold rises
www.moneynews.co.uk > General finance > Households meeting IHT threshold rises
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Households meeting IHT threshold rises
Mon 27th Nov 2006
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It has also come to light that another five million homeowners will cross the IHT threshold once their household wealth is included, which brings the amount of UK households that are IHT liable to 41 per cent.
The current IHT threshold is £285,000, a fact that Scottish Widows discovered is not known by six in ten homeowners. And though the government raised the level for IHT liability by 3.6 per cent at the last budget, house prices have seen a rise of 6.3 per cent.
Anne Young, tax expert at Scottish Widows, comments: "Our research shows that the government raising the threshold by just over three per cent in the last budget has not had any impact on the number of people liable for IHT, in fact the situation has worsened.
"The six percent rise in property prices means that thousands more people will now face IHT this year compared to 2005."
Ms Young continued by stressing the importance of planning for the future in order to avoid losing money to the taxman and ways in which homeowners can do so effectively include setting up a will, a trust or seeking advice from a financial advisor.
IHT is made payable on either an estate or when personal assets switch to a discretionary trust or company when an individual dies.
Related News : General finance |
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