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

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter