Inheritance tax hits over 2 million homes
by Brian Turner
According to a report by the Halifax, over 2 million homes now cross the £300,000 threshold for inheritance tax.
The majority of the homes, the report states, cover the London and South East of England, where the average house price is over £300,000.
Although HM Treasury indicates that only 6% of homes are subject to the tax, property inflation is still rising faster than the threshold for inheritance tax.
Over the past 5 years, the number of postcodes where property is now over the Inheritance Tax limit has doubled to 236.
The Halifax projects that at the current rate of increase for both, the figure of taxable properties will double over the next 12 years.
This is despite the fact that from this April, the Inheritance Tax limit is set to increase to £325,000.
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