Inheritance tax set to soar

Inheritance tax set to soar

Monday, March 14, 2005

Rapidly rising property prices combined with reluctance on the part of the government to increase the inheritance tax threshold will result in a doubling of the number of people paying inheritance tax in ten years.

And in 20 years that figure could rise to 6 billion says a new report from Halifax, if the government continues to fail to link the threshold to house price inflation and house prices rise in line with their long-term historical average in 'real' terms.

There have been growing calls for the Chancellor to increase the threshold for IHT in his budget on 16 March.

Halifax research shows that property sales valued at above the inheritance tax threshold have risen from 3% of all sales in 1994 to 14% in 2004. The number of properties in the UK valued at more than the threshold now stands at an estimated 2.4 million; a four-fold increase since 1994.

Halifax calculates that the IHT threshold of £263,000 would now be £390,000 if it had been increased in line with house price inflation over the past 10 years.

A survey conducted for Halifax by NOP found that 71% of people in the UK think that the current threshold level of £263,000 for IHT is unfair. 65% believe that the government should adjust the IHT threshold in line with house price inflation.

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