80% of properties no longer liable for IHT
80% of properties are not going to be liable for death duty between married couples, according to the government's inheritance tax (IHT) reforms, as declared yesterday in the pre-Budget report.
Halifax figures show that the increase of the inheritance tax allowance for married couples, those in civil partnerships and widows and widowers, to £600,000 means 2.4m homes are not going to be trapped in the inheritance tax net.
The Halifax states that there just 600,000 properties worth £600,000 plus, equating to 3% of all owner occupier UK properties.
The bank congratulates the Chancellor as per his decision to put up the effective inheritance tax threshold to £600,000 for couples. This should ensure that most UK households are not liable to pay inheritance tax, based just on the value of their property .
They are also pleased with the government moves to take into consideration house price inflation when contemplating increases to that threshold in the future.
The Bradford and Bingley were not as pleased with the reforms, declaring that the "measures do not go far enough", even though certain "welcome concessions" had been made.
The tax changes do not apply to single people or divorcees, highlighting how personal estate planning is essential.
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80 per cent of Properties Do Not Have to Pay IHT
Wed, 10 Oct 2007
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