TaxPersonal TaxHalifax Bank wants IHT threshold raised to ?460,000

Halifax Bank wants IHT threshold raised to ?460,000

Four million homes at risk of IHT by 2020

Halifax Bank has urged the government
to raise the inheritance tax
(IHT) threshold from ?300,000 to ?460,000.

Around 4.3 million homes could be liable for IHT by 2020 if the threshold is
only increased in line with retail price inflation, the bank warned.

Currently the average house price in 236 postcodes districts is above the IHT
threshold of £300,000 due to the boom in house prices over the past few years, a
Halifax survey revealed.

However the figure has almost doubled since 2001 when 117 postcode districts
were revealed to be heavily taxed with IHT.

Tim Crawford, group economist at Halifax, said: ‘The potential reach of
inheritance tax is extending year by year across the country.

’We call on the government to raise the inheritance tax threshold to
£460,000. That would account for the significant rise in house prices over the
past 11 years.’

Further reading:

AIM investment offers IHT reprieve

IHT threshold on gifts to rise to £200,000

Elderly sisters lose inheritance tax battle

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