Average London house price attracts death duties
New figures have revealed that average house prices in 18 of 32 council areas have topped £325,000, making them susceptible to inheritance tax (IHT). It is no longer just the very wealthy who are affected by this tax and it’s becoming increasingly important, particularly for homeowners in London and the south east, to take action to reduce their liability.
Property prices in Hounslow, for example, are expected to exceed £325,000 by next year if they continue to rise at their current rate. A recent survey also indicated that 250,000 pensioners in London are living in homes worth more than £325,000. If you have concerns over how rising house prices may have affected your estate and inheritance plans, speak to a solicitor.
The prime minister has said he wants to raise the £325,000 inheritance tax threshold from £325,000 per person to £1m, but has not specified when or how. It is believed that the Liberal Democrats in the coalition government have applied pressure on David Cameron not to carry this initiative through…
Click on the link below to read the rest of the IBB Solicitors briefing.
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