Housing crash good news for Inheritance Tax
The recent slump in the UK housing market is good news for those looking to avoid inheritance tax, according to leading estate planning specialists, Trust Inheritance. Recent reports in The Observer have indicated that the recent fall in prices, and a reduction in house purchases have hit the Treasury’s revenue from stamp duty and inheritance tax.
Families are continuing to benefit from the drop in the value of their homes, which could mean that their estate falls below the threshold for inheritance tax. This tax is currently payable at a rate of 40% on estates amounting to £312,000 for a single person, or £624,000 for couples. Last year, the Government announced plans to raise this figure to £350,000 by 2010, and the Tories announced proposals to increase the threshold to £1m.
Andrew Hall, Marketing Director of Will writers Trust Inheritance commented on this news by saying:
“Whilst the decline of the housing market may be bad news for some people, for those looking to avoid inheritance tax, it is undoubtedly a good thing. This highlights, more than ever, the need for effective estate planning to ensure that you maximise the benefit of your legacy to your intended beneficiaries.”
Trust Inheritance have helped thousands of people across the U.K to ensure that they have effective estate planning in place for when they pass on. With a team of professional will writers, they can ensure that your wishes are accurately represented, and that you make the most of inheritance tax concessions.