Inheritance tax hurting ‘hard working families’
Shadow chancellor hits out as one third of households face IHT hit
Tory shadow chancellor George Osborne has hit out at the government’s
inheritance tax threshold as soaring house prices mean that one third of UK
households are now liable for the ‘stealth tax’.
Inheritance Tax is charged at 40% on any assets worth more than £275,000 left
after death, although the threshold will be raised to £300,000 by April 2007.
Osborne was reported in the Daily Express as saying: ‘Inheritance
Tax has become the latest stealth tax imposed on hard working families. Millions
of people who are not rich in anyone’s eyes are being drawn into the tax net due
to the way Gordon Brown has played stealthy tricks with Inheritance Tax
More than eight million households now own property and other assets worth in
excess of the £275,000 threshold.