Changes in UK tax policy mean homeowners are £10 billion per year worse off than in 1994.
Increasing house prices entail while 12 years ago mortgage holders were effectively given £2.6 billion support by the government, via income support and tax relief on mortgage interest, they now hand the Treasury £7.5 billion a year, the Council of Mortgage Lenders (CML) finds.
Data released today highlights that in 2004/2005, with tax relief on mortgage interest abolished, mortgage holders are £10 billion worse off.
Rising house prices are accountable for an increase in costs, as lower thresholds for inheritance tax and stamp duty have not accelerated in line with soaring property values.
The CML calculates that in the last ten years the amount paid in inheritance tax from peoples' estates has more than doubled, with property now accounting for at least 35% of all inheritance tax revenue at £2.9 billion.
|
||||||||
|
Buying property
Selling property Estate agent fees Free property guides Conveyancing services Mortgage services See all Property Guides
 My estateagents
|
Tax Hike Impacts on Homeowners Wed, 25 Jan 2006
     |
|
||||||
Site Map |
About estateagents.co.uk |
Contact |
Terms & Conditions |
Links |
Press |
Estate Agents Login | 
© 1999-2008 estateagents.co.uk
© 1999-2008 estateagents.co.uk